Mar 28, 2022

Crow Holdings Announces Closing of Development Opportunities Fund with $750 Million of Committed Capital

Crow Holdings, a leading national real estate investment and development firm, announced today the final closing of Crow Holdings Development Opportunities Fund I, L.P. (“DOF” or the “Fund”). Managed by Crow Holdings’ investment management company, Crow Holdings Capital, the Fund will focus on the development of industrial, multifamily, and select specialty properties.

The Fund reached its hard cap of $750 million in total commitments over a six-month fundraising period and was oversubscribed shortly after the first close in September 2021, providing total anticipated capitalization, including anticipated leverage, of more than $1.5 billion. The Fund is notable not only for the accelerated fundraising activity, but also for the strong support from new and existing investment partners, including over $200 million from private wealth sources, and the creativity with which the team designed, developed, and pursued this opportunity for our investors.

DOF represents an extension of the strategy that supports the firm’s previously announced Crow Holdings Realty Partners IX, L.P. (“Fund IX”), a fund that was oversubscribed with approximately $2.3 billion of commitments that had a final close in September of last year. Given the current level of opportunity in the market for industrial and multifamily development, DOF is substantially committed based on approved pipeline.

“The continued opportunity in the U.S. logistics and housing sectors is unprecedented in my 30-plus-year career,” said Bob McClain, CEO of Crow Holdings Capital. “We maintain high conviction in these sectors and anticipate attractive risk-adjusted returns for further development, spurred by the importance of supply chain management, sustained consumer adoption of e-commerce, emphasis on housing affordability, and shifting generational demographics — factors that, we believe, will continue to drive U.S. real estate opportunities for years to come.”

“The Development Opportunities Fund is the latest example of what our experienced team of professionals is capable of: creativity, fortitude, and partnership,” said Michael Levy, CEO of Crow Holdings. “The pandemic brought challenges, dislocations, and new risks; however, our team remained active investors during a time when many pushed pause. We remain committed to offering new ways for our partners to capitalize on opportunities as they arise.”

“Real estate is a relationship business,” said Coe Juracek, Managing Director of Crow Holdings Capital. “The firm’s decades of performance and stewardship have fostered relationships among investors, partners, and market participants that allowed the team to see this opportunity and quickly structure a vehicle and raise capital. This strategy demonstrates the capabilities of the Crow Holdings Capital platform: national reach and scale combined with local expertise. But it all starts with great partners who trust our team and want to join us in the pursuit of strong risk-adjusted returns.”

About Crow Holdings

Crow Holdings is a leading national real estate investment and development firm with more than 70 years of history, $24 billion of assets under management, and an established platform with a vision for continued success. Crow Holdings pursues compelling investment opportunities through a range of strategies, product types, and ventures, consistently seeking to create value for its investors, partners, and communities. Operating from 20 offices in key markets across the U.S., Crow Holdings has extensive industry reach and expertise in multifamily, industrial, office, and specialty sectors. The firm’s ongoing legacy is rooted in its founding principles: partnership, collaboration, and alignment of interests. For more information, please visit www.crowholdings.com.

Read more about DOF in the press release below or in Peter Benson’s PERE article here: https://www.perenews.com/crow-...

Contacts

Adam McGill
Crow Holdings
(o)214-661-8376
amcgill@crowholdings.com

This overview is designed to introduce Crow Holdings and its various operating companies. Crow Holdings Capital is a U.S. SEC registered investment adviser and is the manager to the Crow Holdings Capital Funds. Crow Holdings Partners is a division within Crow Holdings Capital. Crow Holdings Capital, Trammell Crow Residential, Crow Holdings Industrial and Crow Holdings Office are operated separately and independently from one another with separate senior leadership and investment committees. SEC registration does not imply a certain level of skill or training.