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Tampa-based real estate private equity firm Convergent Capital Partners LLC has closed its CCP Fund I LLC, an opportunistic commercial real estate fund with $40 million in equity commitments. With leverage, the fund will be able to invest up to $125 million in commercial real estate over the next three years.
Convergent will focus on value-add, adaptive-reuse, and opportunistic investments in commercial real estate and related financial instruments. It plans to target office, retail, hospitality and multifamily properties in the Southeast and Midwest.
“We continue to remain pleased with the opportunistic real estate opportunities in the market today,” Nik Sachdev, Convergent Capital Partners' portfolio manager and CEO, says in a press release. “With this fund, we will continue to have the flexibility to pursue both small, niche properties that are overlooked by institutional capital, yet still engage in larger acquisitions with joint venture partners, whom we already have investment experience with.”
The fund has already made its first investment, acquiring a 203,000-square-foot office building in Oak Brook, Ill., for $8 million.
“We are very bullish on the Chicago market, and were able to make a great long-term investment significantly below replacement cost, in a very strong suburban office market.” Santosh Govindaraju, managing director for Convergent, says in a press release.
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