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Boston-based commercial real estate investor TA Realty has closed its largest fund, beating its initial target by more than $500M.
The investment firm closed on its $1.8B Fund XIII, which will focus on acquiring industrial, multifamily and grocery-anchored shopping centers in major U.S. markets, it announced Thursday. The fund had an initial target of $1.2B, a TA Realty spokesperson told Bisnow.
“We believe the success of this fundraise is a direct reflection of the trust and confidence our existing and new investment partners have in us to execute our investment strategy,” TA Realty Managing Partner Jim Raisides said in a release.
Investors in the fund include the Minnesota Board of Investment, the Illinois Municipal Retirement Fund and the Mississippi Public Employees' Retirement System, which approved a $75M commitment to the fund, according to reports from IPE and The Registry.
The fund has begun investing in multifamily and industrial properties, the spokesperson said, declining to share specific properties.
Over the last month, TA Realty has reportedly acquired multifamily properties in Raleigh, North Carolina, and Nashville for $115M and $99M, respectively. Last year, TA Realty acquired a retail portfolio in Boston and Providence for $390M and a 340K SF industrial portfolio in Denver.
In 2020, the firm closed on its previous fund, the $1.2B Realty Associates Fund XII. The investment group has raised more than $12B in equity since 1984 through a series of funds.
TA’s announcement came one day after another Boston-based real estate investor, Longpoint, announced it closed on its third fund with about $940M. The fund, which Longpoint hoped would reach $750M, will be used to target small to midsized industrial investments in Atlanta, Boston, Dallas, New York, New Jersey, South Florida, Southern California, Baltimore and Washington, D.C.
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