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Report: Summit Real Estate Group readies 3rd real estate fund

Summit Real Estate Group will launch its third real estate fund by the end of 2017, with a $200 million fundraising target, PERE News reported.

ArrowRock Income & Growth Fund III will be the group's first institutional fund, with capital expected to come from funds of funds, endowments and foundations, private and public pensions, insurance companies and family offices, among other investors, according to the report.

The new fund, similar to its predecessors, will target multitenant warehouses that cater to small- and medium-sized businesses in the mid-Atlantic, southeastern and southwestern U.S. Prospective acquisitions will be in the average range of $3 million to $20 million, with about 20% of the fund earmarked for development properties.

Summit did not comment on the fundraising plan, PERE said.