The Austin real estate giant has closed a $610 million private equity fund.
Endeavor Real Estate Group will use the fund, Endeavor Opportunity Partners III, to invest in value-add real estate businesses in five markets across the country: Austin, Dallas, Charlotte, Nashville and Salt Lake City, with a particular focus on Central Texas, according to The press release said.
Notably, these are among the strongest real estate investment markets in the country.
The firm hopes the fund will bring in $1.5 billion or more in additional capital. This is Endeavor’s third and largest fund closure since its inception more than 20 years ago.
Comprising more than $500 million from private wealth sources, the fund will target value-add investments in the multifamily residential, industrial, retail and mixed-use sectors. The funds will be used for acquisitions and developments, as well as other potential real estate investments, totaling up to 25 investments.
“We have a track record of strong performance over multiple cycles,” said Bryce Miller, managing principal of Endeavor. “We maintain a comfortable level of risk, and our investment strategy is flexible and patient, but when We are not shy about investing capital when opportunities arise in the market.”
Endeavor is responsible for some of the largest development projects in Austin. The company plans to redevelop the former Austin-Statesman site on South Congress Avenue into a 19-acre complex with more than 1,300 residential units, 1.5 million square feet of offices, a 275-room hotel and a 150,000-square-foot retail and restaurant space.
Endeavor is also seeking approval to convert the 71-acre former Borden Dairy site in East Austin into 1,400 residential units, approximately 400,000 square feet of office space, more than 100,000 square feet of retail and a 220-room hotel.
