Final Closing of Wolff Real Estate Partners II
SCOTTSDALE, July 25, 2013 /PRNewswire/ — The Wolff Company announced the final closing of subscriptions for its latest fund, Wolff Real Estate Partners II, LP (WREP II). WREP II, an approximately $500 million, closed-ended, levered investment partnership, will make investments in multifamily assets with a regional focus on the Western U.S. and the Boston to D.C. corridor, in both core and non-core markets. Investments of the partnership will be comprised of stabilized assets typically of Class A and B quality and will consist of development, rehabilitation/reposition, and adaptive re-use opportunities.
“We are pleased with the interest in WREPII and plan to build on the success of our first fund, Wolff Real Estate Partners. Market conditions continue to favor multifamily investment, specifically with respect to development,” explained Jay Petkunas, COO of The Wolff Company. “We believe that this is a very compelling and timely opportunity to build a portfolio of multifamily assets in selected markets around the country. We expect the properties in this fund to produce strong returns as market fundamentals continue to improve.”