Carlyle Group raises $4.2B for new real estate fund

Miami /
Sep.September 16, 2015 12:45 PM

From the New York website: One of the nation’s biggest players continues to make enormous bets on U.S. real estate.

The Carlyle Group drew in $4.2 billion from investors in its seventh real estate fund, reaching the high end of its target range.

The Washington D.C.-based private equity firm plans to expand an already-massive position in residential and commercial real estate in major markets nationwide.

“I don’t see deal volume slowing down,” Rob Stuckey, the firm’s head of U.S. real estate told Bloomberg. “We see values holding up for core properties and we think that with GDP growth, we still have runway in this cycle.”

Carlyle hopes to make returns of 20 percent before fees on the fund. Its last real estate fund, CRP VI, had a net internal rate of return of 24 percent as of June 30, according to the company’s quarterly report.

The firm owns shares in 18 properties and development sites in New York, according to Real Capital Analytics, including 14 Wall Street in the Financial District. Earlier this week, the firm paid $48 million a three-floor medical condo at the Corinthian in Murray Hill. [Bloomberg]Ariel Stulberg


Related Articles

arrow_forward_ios
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail
Altman scores $55M construction loan for Ludlam Trail project
Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 
Related switches gears on Terminal Island project, now plans low-rise offices
Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero
Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)
Virgin Trains seeks $350M to build five stations in Miami-Dade
Virgin Trains seeks $350M to build five stations in Miami-Dade
Easton Group picks up land in Hialeah Gardens for $8M
Easton Group picks up land in Hialeah Gardens for $8M
Easton Group picks up land in Hialeah Gardens for $8M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...