Chicago — Harrison Street secures lead investors, closes first asset.
Chicago — Harrison Street Real Estate (HSRE) Capital, which owns approximately $3.1 billion worth of real estate assets, has launched an open end core fund dedicated to student housing investments, as well as the healthcare and storage segments of the real estate market.
The fund has raised more than $200 million from limited partnerships, including the Texas Municipal Retirement System and Kentucky Retirement System. In December, the fund closed on its first acquisition, Sterling Central Apartments, a 1,527-bed student housing complex near the University of Central Florida in Orlando.
Joey Lansing will be the core fund’s portfolio manager, supervising the firm’s core business and the team dedicated to investment strategy, deal sourcing and selection, asset management, fund accounting, investor reporting, capital raising and research.
“The way HSRE’s assets held up during the recent downturn, especially when compared to the volatility in returns and valuations experienced in more traditional core asset types such as apartments, office, industrial and retail properties, we believe we will be able to generate attractive absolute and relative returns.”