$1.7B Fund Nets $500M in Assets

CHICAGO-Harrison Street Real Estate Capital, based here, has closed its second fund and has acquired approximately $500 million in assets. The firm has raised $430 million in equity for Harrison Street Real Estate Partners II LP, says Christopher Merrill, co-founder and managing principal. The focus of the fund is on “segments of the market that tend to do well, regardless of the overall swing of the economy,” such as student housing, senior housing, medical office and storage facilities such as self-storage properties, Merrill says. There were more than 40 investors for the fund, including pension funds, insurance companies, endowments and foundations. One of the largest investors is the Arizona Public Safety Pension Retirement Systems, Merrill tells GlobeSt.com, which has committed $80 million, including an additional $45... [read full story]