Harrison Street has successfully concluded its ninth U.S. opportunistic real estate fund, Harrison Street Real Estate Partners IX LP, raising approximately $2.5 billion in equity.
The majority of the fund’s capital came from existing investors, accounting for nearly 60%. With a buying power of over $7 billion, the fund will utilize the firm’s expertise in alternative real estate investments. So far, Fund IX has allocated around 70% of its equity to 70 assets across various alternative sectors such as student housing and senior housing with a focus on data centers.
The first development project funded by this new fund was a student housing property at the University of Wisconsin which achieved full occupancy before completion. The remaining funds will be used to acquire underperforming assets or those with strained financial structures that offer distressed pricing opportunities.
According to Christopher Merrill, Co-Founder and CEO of Harrison Street: “With Fund IX, we have strategically curated a portfolio that takes advantage of current market conditions while also positioning itself as a strong investment opportunity.”
