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New Fund Land

New Fund Land
Mothers, hide your infill properties. There's a new $50 million fund going around. Innovative Capital Advisors is teaming up with HSA to launch the new ICA Real Estate Equity Fund I, largely backed by the fund managers' own capital.
Tim Blum
HSA's Tim Blum first learned about the fund when ICA's Peter Mavrogenes (below) asked if he wanted to invest in it. Tim did but also wanted a say in the site selection. From there, the duo paired up and decided they wanted to invest in infill, focusing on retail and industrial in top-tier markets in the Midwest. (Bonus: We may one day get to write this sentence: Intense interest in infill in Indiana inundates industry....indubitably.) It's their first time teaming up, but Tim and Peter want to raise a series of similar funds and keep the relationship going.
Keefer Mini
Peter Mavrogenes
While $50M may not seem like a huge investment, Tim and Peter plan to put the money into value-add buildings of $10M or less, properties that larger funds tend to ignore. They'll focus on taking advantage of current economic conditions to get the best ROI and build trust among investors. HSA will also manage and lease the buildings acquired.