Real estate investment advisory firm NW1 Partners teamed up with urban retail manager Martin-Diamond Properties to acquire $175 million of urban retail assets in Washington, D.C., marking the former's first venture since its launch in summer 2017, PERE News reported.
The partners, through the NW1 Washington DC Urban Retail Venture, started acquiring assets at the end of 2017 and will continue to do so through early 2019. The goal is to build a portfolio of roughly 20 properties on a deal-by-deal basis, according to the report.
NW1 targets value-add investments in the U.S., U.K. and continental Europe. It was formed by former Morgan Stanley executive David Boyle and former Equity International executive Brad Beanblossom and is backed by U.K. private equity real estate firm Delancey.
The firm plans to secure its first venture in the U.K., with a focus on last-mile logistics around London, in the next two months, PERE noted, citing Boyle.
