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Argosy Real Estate Income & Growth I, L.P. Holds Its First Closing
Argosy Real Estate Partners (“Argosy”) is pleased to announce the first closing for Argosy Real Estate Income & Growth I, L.P. (“ARIG I”) at $47.5 million. ARIG I has a $100 million target fund size. ARIG I’s first closing included an initial commitment of over $20 million by Argosy affiliates, together with significant investments by returning investors from Argosy’s opportunistic fund series who had contacted Argosy seeking a core-plus/light value-add investment strategy.
ARIG I, with a core-plus/light value-add return profile, will make longer-term investments in stabilized, cash-flowing assets with growth potential through improved management and light-to-moderate renovation. ARIG I will target mispriced opportunities, primarily with local operating partners within its extensive operating partner network, that are overlooked by larger core-plus/value-add funds. It will continue to focus on Argosy’s targeted geographic markets in niches within the multifamily, commercial and lodging asset classes, while selectively pursuing asset classes well-suited to a core-plus strategy such as industrial and self-storage.
ARIG I has made one investment to date (a Class A apartment community in Houston, TX) and continues to source compelling investment opportunities. Argosy expects ARIG I to represent a continuation of Argosy’s successful real estate investment strategy in the lower middle market. Argosy Real Estate Partners, with $1.3 billion in gross real estate assets under management and unfunded commitments, currently manages five fully-discretionary, commingled real estate funds.