Local Real Estate Firm Launches $30M Venture Fund
NEW ORLEANS – Local commercial real estate firm Urban Properties Real Estate announced that it has closed its first round of funding commitments and officially launched the Urban Venture Fund LP with plans to invest more than $30 million in Gulf South real estate over the next three years.
“The creation of the Urban Venture Fund is a natural next step for the leadership at Urban Properties,” said Eugene Schmitt, the company’s director of asset management, in a press release. “We created and structured the fund to serve as a non-institutional alternative for local and regional investors seeking to capture strong returns while also investing in the region they call home.”
Sponsored by the principals of Urban Properties, the fund is a seven-year, closed-end fund that can be paid off earlier than its maturity date. It will target middle market ($2 to $10 million) investment opportunities across a variety of product types, including multifamily, industrial, hospitality, office and retail in New Orleans and the surrounding area.
While the fund’s first round of capital commitments closed earlier this month, the sponsors continue to accept subscriptions from potential investors. The second and final round of capital commitment is slated to close in the first quarter of 2022. Marli Quesinberry, founder of MQ Consulting and former vice president of investor relations for Cousins Properties, will co-sponsor the fund and serve as fund administrator. Fishman Haygood was the legal counsel for the formation of the fund.
Urban Properties is a boutique real estate consulting, development, brokerage and property management firm focused on urban projects in the Gulf South. Its owners have backgrounds in development, finance and asset management. Urban’s roots are in landlord representation across all asset classes, including retail, office, restaurant, hospitality and industrial properties.
For more information, visit www.urbanproperties.com.