March 1, 2016
San Francisco-based Swift Real Estate Partners acquired two off-market assets in the Pacific Northwest for $30.5-million. The acquisitions were made through the firm’s second Fund, SREP II, a $400-million value-add real estate fund launched in September 2015.
Swift says SREP II has already received commitments of $222.5-million, with a pipeline of another $130-million expected to close in the coming weeks. More than 90 percent of investors in Swift’s $329-million Fund I are expected to reinvest in SREP II.
The recently acquired assets include the four-story Merchant Hotel building, two-story Norton House building and two-story Captain Couch building, all located in Portland’s Old Town submarket. A three-story building, located at 915 118th Ave. SE. was also acquired in Bellevue, a suburb of Seattle.