Redcar Fund Management has closed on Redcar Fund II (“Fund II”) with $418 million in equity commitments. The fund, which is larger than its debut fund of $412 million closed in January 2020, will focus on Los Angeles and Austin, TX for redevelopment opportunities. Through the 15 assets acquired by Redcar’s first fund, 1.4 million square feet are expected to be redeveloped upon completion.
Christopher Chee of Redcar commented that despite a challenging fundraising environment their differentiated investment strategy – including targeted locations and unique product types – allowed them to find continued interest from investors for the second round of funding. This includes 12 assets across Los Angeles and St Elmo/South Austin neighborhoods in Texas’ capital city as part of a co-investment side car structure designed to capitalize expansion into this market area exhibiting favorable tenant demand for specialized industrial redevelopment projects since 2011 when the firm was founded..
