By Scott Baltic, Contributing Editor<\/i><\/p>\n
BRP Cos., of New York, is launching a $75 million investment fund that will leverage upwards of $250 million of new residential development in the New York City metro area and New Jersey, the company announced Thursday.<\/p>\n
The announcement evidently was triggered by BRP having completed an initial closing with Goldman Sachs Urban Investment Group (GSUIG), which will provide the equity in conjunction with high\u2013net-worth individuals.<\/p>\n
Known as the GS BRP Urban Joint Venture, the fund will focus on mixed-use, mixed-income residential properties in New York City, Westchester County and northern New Jersey. Its goal reportedly is to \u201cproduce superior risk-adjusted investment returns through the acquisition, development, repositioning, management, and disposition of a diversified portfolio\u201d of such properties.<\/p>\n
It\u2019s intended to make investments of $5 million to $30 million of equity in energy-efficient, sustainable, transit-oriented developments in infill urban locations.<\/p>\n
\u201cThe launch of this fund could not be timed better,\u201d BRP managing partner Meredith Marshall said in the release. \u201cThe growing \u2013 and largely unmet \u2013 demand for workforce housing in the New York City area will make this fund a catalyst for many new and exciting opportunities.\u201d<\/p>\n
The fund continues a relationship between BRP and GSUIG, which already has completed more than $140 million of development in New York and Philadelphia and has projects valued at $260 million currently in construction, according to the announcement.<\/p>\n
Marshall\u2019s comment seems apt, because NYC\u2019s apartment market is facing strong demand, especially from the growth of high-tech jobs, according to a second-quarter report from Marcus & Millichap, which projects employment to rise by 2.5 percent this year (even more than last year).<\/p>\n
Though 14,000 rental units are expected to be delivered in the five boroughs this year, pushing vacancy up by 30 basis points, to 2.4 percent, occupancy will remain nominally full, and effective rents are forecast to increase 2.6 in 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"
BRP Cos. is launching a $75 million investment fund that will leverage upwards of $250 million of new residential development in the New York City metro area and New Jersey.<\/p>\n","protected":false},"author":882,"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":[21783,11,21752,21742,10,21786],"tags":[],"class_list":["post-1004105073","post","type-post","status-publish","format-standard","hentry","category-investment","category-midatlantic","category-mixed-use","category-latest","category-northeast","category-sustainability"],"acf":[],"yoast_head":"\n