NEW YORK, NY--(Marketwired - Oct 3, 2014) - BRP Companies, a real estate investment and development firm, announced today that it will launch a $75 million investment fund that will leverage upwards of $250 million of new residential development around the New York City metropolitan area and New Jersey. The announcement comes as BRP completed an initial closing with Goldman Sachs Urban Investment Group (GSUIG), which will provide the equity in conjunction with other high net-worth individuals.
Known as the "GS BRP Urban Joint Venture," the fund will produce superior risk-adjusted investment returns through the acquisition, development, repositioning, management, and disposition of a diversified portfolio of mixed-use, mixed-income residential properties in New York City and Westchester County, NY and Northern New Jersey.
"Our team's experience and track record in successfully navigating the complexities of urban markets uniquely qualifies us to achieve attractive risk-adjusted returns for our investors," said Geoff Flournoy, Managing Partner of BRP Companies. "We are bolstered by investors' confidence and look forward to the exciting projects and opportunities this fund will create."
The fund continues a successful relationship between BRP Companies and GSUIG, which already has completed more than $140 million of development throughout New York City and Philadelphia and has projects valued at $260 million currently in construction.
"We are excited to expand our already strong relationship with BRP Companies in this new venture," said Margaret Anadu, Managing Director at Goldman Sachs. "BRP's thoughtful approach to comprehensive community development is consistent with the mission of the Goldman Sachs Urban Investment Group and the investments will bring much needed housing, retail, and community facilities to underserved neighborhoods."
The fund will invest between $5 million and $30 million of equity in energy efficient, sustainable, transit-oriented developments situated in urban infill locations.
"The launch of this fund could not be timed better," said Meredith Marshall, Managing Partner of BRP Companies. "The growing -- and largely unmet -- demand for workforce housing in the New York City area will make this fund a catalyst for many new and exciting opportunities."
About BRP Companies:
BRP Companies is a New York based real estate firm that is at the forefront of mixed-use development and acquisition of urban, multi-family properties. The firm offers a full complement of development, acquisition, construction, property and investment management.
With an experienced staff of 50, a track record of over 600,000 SF of completed real estate projects and over 3 million SF currently in development, BRP is uniquely positioned to meet the demands of urban housing consumers. The firm is an innovator in developing mixed-use, mixed-income, "walkable" urban housing with high-quality, and energy efficient properties throughout the city of New York and beyond.
About Goldman Sachs Urban Investment Group:
Established in 2001, the Urban Investment Group (UIG) deploys capital to help transform distressed communities into sustainable and vibrant neighborhoods of choice and opportunity. UIG seeks double-bottom-line returns by providing flexible financing for community projects that respond to the needs of low- and moderate-income communities and support public sector priorities. Through its comprehensive platform, UIG has committed more than $3 billion of Goldman Sachs capital, catalyzing development across dozens of residential, mixed-use and commercial projects, and financing job creation and neighborhood revitalization strategies as well as social services, through the nation's first social impact bonds. In 2013, UIG launched the Goldman Sachs Social Impact Fund, a first of its kind direct impact-investing vehicle, and manages the strategy on behalf of Goldman Sachs clients.