
Penwood Closes 7th Value-Added Vehicle at $425M
Penwood Real Estate Management has closed its seventh value-added investment vehicle, Penwood Select Industrial Partners VII, L.P., at $425 million.
The fund is a closed-end, commingled partnership fund that will buy existing and construct new industrial real estate properties in key logistical hubs in the United States, including Southern California, New Jersey, New York, Pennsylvania, and Nevada.
Investments will be made in industrial properties through purchase, management, rehabilitation, redevelopment, and/or development, with the goal of acquiring properties at or below replacement cost.
Penwood believes that the current economic and real estate investment environment indicates that the opportunity for acquiring assets remains attractive in the industrial sector, particularly in the densely populated markets of Southern California and New York/New Jersey, as well as the growing Las Vegas metro area.
Founded in 2003, the firm is a registered investment advisor based in West Hartford, CT.
Pictured: Penwood headquarters in West Hartford, CT.
