Charlotte-based Grubb Properties has launched a new fund to raise money to acquire and develop multi-family and commercial properties, the company said this week.
The fund, Grubb’s fifth since 2009, will be used to target both acquisitions of existing “value-add” properties and develop infill locations in urban areas.
Jonathan Nance, senior vice president of Grubb Properties, said in a statement that the new fund will “offer investors the opportunity to invest in a fund with already identified investments along with a strong pipeline of additional opportunities.”
The company has had success in recent years buying properties, investing in them and them selling. In 2013, Grubb and Rubenstein Partners teamed up to purchase computer maker Lenovo’s U.S. headquarters in Durham for $26 million. They sold the property in February for $127 million. In 2012, Grubb bought Sterling Steele Creek Apartments in southwest Charlotte for $36.5 million, then sold the complex last month for $49.7 million.
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Grubb’s plans for urban infill could include more complexes like its Link Apartments. Grubb is currently building the 215-unit development targeting millennial renters in Greenville, S.C.