The Meridian Group Raises $232M For Second DC Real Estate Fund
The fund, Meridian Realty Partners II, raised $231.6M from institutional investors and $80M of co-investment capital. The firm has already acquired more than $400M of properties with the fund and expects that total to reach $1.5B over the next several years.
Meridian's first fund totaled $670M in investment and is being used to develop the $850M first phase of The Boro, which broke ground in September. It is also funding the $142M renovation of 700 K St. NW.
The second fund has already made five acquisitions totaling more than $400M. The properties include a Reston office building, the International Place building in Rosslyn, two office buildings in the CBD, and the Hyatt Regency Bethesda.
“Our investment strategy is focused on well-located, institutional-quality assets near Metro stations, major highways and walkable amenities,” Meridian executive vice president Bruce Lane said in a release. “These are places where we can create value through repositioning, renovations, leasing, redevelopment, development and land entitlements.”