Summit Real Estate Group has completed its final close of Arrowrock Income & Growth Fund III, LP. The total fundraise, including co-investment commitments, for the infill industrial strategy exceeded $121 million and included both institutional and high net worth investors.
The Fund’s investment strategy is to acquire and selectively develop infill, ‘last mile’ multi-tenant warehouse / distribution buildings, typically between $5 million to $40 million per asset, in high-growth markets across the United States Sun Belt. At the time of closing, the Fund had deployed approximately $53 million of equity across seven assets representing nearly 1.6 million square feet. Further, the Fund has one project under contract and another with agreed to terms that together represent an additional $21 million of equity. Given a robust acquisition and development pipeline, Summit anticipates Arrowrock Income & Growth Fund III, LP to be fully deployed by March 2022.
“The strong support from long-standing and new limited partners validates our strategy and enables us to acquire scale in each of our target markets,” said John Ross, CEO of Summit Real Estate Group. “Never in my 25 years at Summit have I seen our team, our skill set, and the opportunities in front of us line-up better to take advantage of the tailwinds that currently exist in industrial real estate.”