Related Cos will target existing properties in San Francisco with its $1B commingled fund, Related Real Estate Fund II.
The city was selected as a target market for the fund due to the high barriers to entry in the region for building new projects and the city's job creation and rising wages, Justin Metz, a managing principal for Related Fund Management, told The Registry.
Related already has a development office in San Francisco. The investment strategy for the fund will be purchasing existing residential, office, retail and hotel assets.
Related plans to close on four to six transactions yearly during the three-year investment period. The company already has closed on deals in Atlanta and Dallas with capital from the commingled fund. [TR]
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