Time Equities, Inc. (TEI), a New York-based real estate investment and development firm, today announced the closing of its fourth Fund (Fund IV), raising $128 million. Led by David Becker, Senior Managing Director of TEI’s Equity Department and Member of the TEI Executive Advisory Board, Fund IV, which launched in spring 2018, allowed the firm to deploy capital to acquire whole and partial interests alongside TEI’s core capital in a diversified portfolio of income producing and opportunistic assets throughout the United States and Europe.
“We continue to follow a contrarian investment strategy focused on acquisitions of under-valued assets across the United States and Europe. As long-term owners, we believe that a diverse portfolio spread over multiple property types and geographic locations best positions us to hedge against the inevitable cycles that affect the real estate industry and economy as a whole. Our brand being recognized within the financial services industry is rewarding and has allowed the firm to continue our path of healthy growth,“ said Mr. Becker.
Fund IV represents significant growth in terms of capital raised. The firm’s previous Fund, Fund III, closed at $70 million, allowing TEI to acquire more than 20 assets nationally and throughout Europe to date. To date, Fund IV has acquired ownership interest in 20 projects – in 14 U.S. states and two European countries – with an additional four under contract and expected to close within the first quarter of 2020.
Representative acquisitions include:
- Office: 23000 Millcreek Boulevard, a 163,000 square foot, four-story, Class-A office building located in Highland Hills, Ohio, was purchased for $7.55 million.
- Retail: Orchards Market Center, a 178,190 square foot community shopping complex located in Vancouver, Washington, was purchased for $26.6 million.
- Industrial: The Bridgeport Trade and Technology Center, a 575,000 square foot complex with 8.29 acres of undeveloped land located in Bridgeport, Connecticut, was purchased for $13.85 million.
- Multi-Family: The Arbor at Montana, a 118-unit garden-style apartment community in Cincinnati, Ohio, was purchased for $4.729 million.
- Non-Performing Loan: TEI expanded its European presence to Italy via the acquisition of 463 non-performing loans (NPL) with a face value of €49.9 Million ($57,781,705).
- Student Housing: Campus Edge, a 288 unit newly built luxury student housing project located in Cookeville, Tennessee, at Tennessee Tech, at acquired for $12.85 million.
“We are excited to reach this capital raise milestone, but just as encouraged by the newly developed relationships with broker dealers, RIAs and the investment community at large. This growth has allowed us to invest in a wide range of opportunities that will best serve the interest of our investors in the long term,” said Alexander Anderson, Director at TEI Equity Department.
Over the course of 54 years, TEI has acquired more than 300 properties ranging from office, retail, industrial, multi-family, student housing and non-performing debt. The firm has doubled its global portfolio, which now sits at 33.6 million square feet, since launching its first Fund, Fund I, approximately seven years ago. TEI plans to launch its fifth Fund, Fund V, in the first quarter of 2020.
About Time Equities, Inc.
Founded in 1966, Time Equities, Inc. (“TEI”) has been in the real estate investment, development, and asset and property management business for more than 50 years. TEI currently holds in its own portfolio approximately 33.6 million square feet of residential, industrial, office and retail property, including about 5,000 multi-family apartment units, approximately 800,000 square feet in pending acquisitions, and 1.1 million square feet of various property types in stages of pre-development and development. With properties in 33 states, 5 Canadian provinces, Anguilla, Germany, Italy and the Netherlands, the TEI portfolio benefits from a diversity of property types, sizes and markets. There are concentrations in the Northeast, Southeast, Midwest and West Coast of the U.S., and new markets around the world are always being evaluated.
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