Gerding Edlen Investment Management LLC aims to raise $450 million for its fourth real estate fund, IPE Real Assets reported, citing a pension fund board meeting document.
The Connecticut Retirement Plans and Trust Funds plans to commit $75 million to Gerding Edlen Green Cities IV and previously considered a $50 million investment in Gerding Edlen Green Cities III LP, which closed in April 2017 at $416 million.
The latest fund will largely target value-add and opportunistic apartment assets in cities including Portland, Ore.; Seattle; San Francisco; Los Angeles; Chicago; Boston; New York; and Washington, D.C., and is targeting a minimum 13% net internal rate of return. Some of the fund's capital will also go toward office properties.
Gerding Edlen Investment Management is a subsidiary of developer Gerding Edlen Development Inc.