Monday, 30 November 2015
Last updated 2 days ago
May 4 2011 | 1:28pm ET
Everything's bigger in Texas, so it makes sense that Mark Jordan and Kevin White have upped the size of their recently launched State of Texas Real Estate Fund from $150 million to $500 million.
“We we are getting heavy interest in our investment strategy for the fund [from] major domestic and foreign institutional investors,” Jordan told FINalternatives. “However, many of these investors have a minimum investment criteria of $50 million to $100 million and cannot take more than 20% of the entire fund. Therefore, we have neutralized that issue by increasing the size of the fund.”
The real estate vehicle, launched earlier this year, targets high-quality distressed office, industrial and raw land in Austin, Dallas, Houston and San Antonio.
Jordan is the owner of JP Realty Partners and Sooner National Property Management while White has 14 years’ experience in Texas real estate, including six years running KGW Real estate, a commercial real estate firm providing services to commercial tenants and investors.
STXRE will acquire properties that are in distress typically due to low occupancy. The buildings will be leased up and sold within two-to-three years. Its managers characterize STXRE as a “pure capital gain play” with a projected IRR of 20%-22%.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…