PORTLAND, Ore.--(BUSINESS WIRE)-- Gerding Edlen, one of the nation’s leading experts in developing and managing urban, highly sustainable, mixed use apartment and office buildings, has closed its first fund – Gerding Edlen Green Cities I, LP. The $183 million, value-added fund will target apartment and mixed-use buildings, specifically retrofitting and developing LEED-certified apartment properties in targeted, high-growth urban markets.
“We’re thrilled to announce the closing of our fund and are confident in our strategy of retrofitting existing apartments and developing new apartment properties on previously entitled sites for both our investors and tenants,” said Gerding Edlen President Kelly Saito. “We have already invested in seven properties in Southern California, San Francisco, Seattle and Boston, and will continue to seek strategic targets where we can enhance the existing community and produce a high return for investors.”
Several trends are leading to growth in the sustainable-living apartment sector, including drops in overall home ownership and demographic shifts that align with sustainable living and the convenience of apartments.
“Gerding Edlen’s in-house expertise in acquisitions, research, development, re-development, marketing and asset and property management, combined with our pioneering leadership in sustainability, have led to more than 15 years of absolute returns in apartment, office and mixed-use properties for our investors,” said Gerding Edlen senior vice president Molly Bordonaro. “We continue to see demand for well designed, well located apartments in our targeted markets with sustainability becoming significantly important to renters including the largest renter pool, ‘generation y.’”
About Gerding Edlen
Considered one of the nation's leading experts in developing and managing green buildings, Gerding Edlen is a full service real estate investment, development and property management firm with a depth of experience in investment management and sustainable development. Gerding Edlen is one of the world's leading developers of LEED Certified properties with over 45 certified or registered LEED projects. Since 1996, the firm has developed or retrofitted more than 60 green projects totaling nearly $5 Billion in real estate value throughout the Western United States.
There are no comments yet