June 16, 2010
\nBy Allison Landa, News Editor<\/p>\n
Not long after Harrison Street Real Estate Capital L.L.C. reached $2 billion in assets under management, the real estate private equity firm has completed the first closing of its third fund, Harrison Street Real Estate Partners III, L.P. The firm has raised $165 million to date.<\/p>\n
According to Harrison Street co-founder, president and CEO Christopher Merrill, the fund expects to raise $500 million, or $1.75 billion in purchasing power.<\/p>\n
\u201cThere are excellent investment opportunities in the segments we operate given the growing demographics, owners\u2019 need for liquidity and the constraint on new supply,\u201d Merrill said when announcing the news. \u201cFew firms have the proven ability to access the debt capital markets as well as the platform necessary to undertake a strategy similar to ours.\u201d<\/p>\n
From the beginning of 2010 through the end of May, Harrison Street has made more than $250 million worth of new investments in the storage, student housing and senior segments. This year\u2019s investments include the development of an off-campus student housing property at Texas Tech, the acquisition of an off-campus student housing property at Indiana University and a joint venture with Extra Space for the acquisition of a portfolio of self-storage properties.<\/p>\n
Harrison Street\u2019s portfolio consists of 13,780 student housing beds, 615 senior housing\/assisted living units, more than 60,990 self-storage units, 2,859 dry and wet boat storage and 857,936 square feet of medical office space. <\/p>\n","protected":false},"excerpt":{"rendered":"
According to Harrison Street co-founder, president and CEO Christopher Merrill, the fund expects to raise $500 million, or $1.75 billion in purchasing power.<\/p>\n","protected":false},"author":936,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21754,21742],"tags":[],"class_list":["post-1004020975","post","type-post","status-publish","format-standard","hentry","category-medical-office","category-latest"],"acf":[],"yoast_head":"\n