Sterling starts $3b campaign with close of fifth fund.Sterling American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Property Inc. announced it has raised over $600 million and closed its fifth discretionary real estate fund, Sterling American Property V, L.P. (SAP V). The announcement was made by senior partners, Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Katz Katz , Bernard 1911-2003. German-born British physiologist. He shared a 1970 Nobel Prize for the study of nerve impulse transmission. , Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Wilpon and Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs Osterman, whom have, since 1991, successfully acquired over $3 billion of real estate on behalf of Sterling American's four prior funds. The close of SAP V marks the beginning of the company's $3 billion North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. real estate acquisition campaign. SAP V is focused on commercial and residential assets, including ground-up development, conversions and real estate instruments, often in conjunction with strong regional joint venture partners. Most recently, Sterling American concluded the investment period on it's $286 Million SAP IV fund, acquiring more than $900 million in properties nationally over a four year period. Sterling American has acquired properties in 43 states over the last decade. "We are delighted with the market's response to the opportunity to invest with Sterling American," Mr. Katz said. He noted that the fund was originally targeted at $450 Million, but was increased to $600 Million to meet market demand. "Our previous fund's performance has exceeded many of our Investor's expectations and we have seen many continue on with us in this new Fund". The fund includes commitments from over 75% of the previous funds existing investor base. SAP V is made up of 42% equity investments from individuals and 58% from institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . The General Partners initiated the fund with a $170 Million commitment. "Sterling's commitment in this fund represents 25% of the equity raised," noted Wilpon. "This level of equity demonstrates our confidence in the real estate market. We continue to view real estate as an integral part of any investment portfolio, offering stability, strong yields, and high overall returns." With our fifth fund, Osterman said, we will continue to execute our proven investment strategy which benefits from our hands-on, value-added management and our capital strength. "Our talented team of investment officers have made terrific deals for our Investors, executing aggressive and creative asset appreciation strategies." That team, which is headed by Sterling's SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul Tarak Patolia, has already acquired commercial and residential real estate assets valued at over $330 million in SAPV. "We have made acquisitions in primary markets such as Philadelphia and Chicago, as well as suburban markets and second-tier cities in N.J., Ohio, Kansas and Oklahoma," said Patolia. "As we speak, armed with the capital from SAP V, our team of investment officers are traveling throughout the U.S. to acquire new value-added and market-driven assets." |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion