DC Firm Closes on $60M Fund for Local Acquisitions
Rock Creek Property Group principals Gary Schlager and Andy Glick (above) have announced the successful closing of their second real estate fund, the $60M Fund II, which will follow a strategy similar to their first fund by primarily investing in the $3M to $30M middle-market space.
Rock Creek’s focus will remain on the DC region, where it'll acquire industrial, multifamily, office and retail properties. Specifically, Fund II will target development projects, strategic JVs and value-add properties as well as well-located, income-producing assets with long-term appreciation potential.
Rock Creek’s strategy has served the company well over the past few years across a wide range of investments, from office building redevelopments at 1100 16th St NW and 1438 U St NW to the JV development of multifamily assets, including The Shelby, a 240-unit, Class-A ground-up development in Alexandria.
Fund II has already invested in three projects, including a JV acquisition of 646-654 H St NE, where Rock Creek will develop a mixed-use project.