Time Equities Inc., a sponsor of private placement offerings and custom 1031 exchanges, has closed its TEI Diversified Income & Opportunity Fund III, a Reg D fund, after raising approximately $70 million of capital for acquisitions throughout the U.S. and select Western European countries.
TEI Diversified Income & Opportunity Fund III resulted in 17 acquisitions thus far, across several asset classes including retail, industrial, multifamily, and office.
Select property acquisitions include:
• Boulder Park Apartments in Nashua, New Hampshire: a 14-building, 482-unit multifamily property totaling 700,00 square feet and purchased for $62.25 million ($89 PSF).
• The Shops at Fox River in McHenry, Illinois: a 340,900-square-foot Class A power community center located 45 miles outside of Chicago and purchased for $32 million ($94 PSF).
• The Art Office Portfolio: a 360,000-square-foot portfolio of four office buildings located throughout the Netherlands purchased for $21.7 million ($60 PSF).
• 310 West Wisconsin in Milwaukee: a 578,000 square foot, two-tower Class A office building located downtown and purchased for $19.5 million ($34 PSF).
• Lincoln Business Park in Indianapolis, Indiana: a seven-building, 242,700 square-foot multi-tenant industrial property purchased for $8.25 million ($34 PSF).
“Our core acquisitions strategy is to identify undervalued office, residential, retail, and industrial assets at discounted pricing that need a reposition and/or lease up to reach stabilization,” said David Becker, senior managing director and member of Time Equities’ executive advisory committee. “We are constantly searching for pricing disconnects in the market and often take a contrarian investment view. The ultimate objective is to increase the earnings potential, reach stabilized value and place favorable debt.”
Founded in 1966, Time Equities Inc. is a real estate investment, development, and asset and property management firm. The company oversees a 30 million-square-foot portfolio of residential, office, retail, and industrial properties located in 30 states, five Canadian provinces, Germany, the Netherlands, and Anguilla. In addition, Time Equities closed approximately $30 million of outside 1031 exchange capital for new investments throughout 2017.