NEW YORK–Deutsche Asset & Wealth Management’s (DeAWM) real estate investment business today announced that it has acquired Parker Place in Berkeley, CA, on behalf of one of its institutional clients.
“We were fortunate to be able to form a joint venture partnership with Lennar and secure an investment that we expect to produce excellent returns for our client throughout the lifecycle of the investment.”
Located in the highly-desirable Oakland/Berkeley submarket, Parker Place is a mixed-use development of 155 luxury multifamily units atop ground-level retail space. It is a joint venture with Lennar Multifamily Communities. Given the difficulty in obtaining development entitlements, once completed Parker Place will be one of a select few purpose-built, institutional-quality luxury multifamily assets.
“Parker Place is a high-quality property in a very desirable location that boasts one of the tightest vacancy rates in the nation,” said Todd Henderson, Head of Real Estate, Americas, at DeAWM. “We were fortunate to be able to form a joint venture partnership with Lennar and secure an investment that we expect to produce excellent returns for our client throughout the lifecycle of the investment.”
Deutsche Asset & Wealth Management – Real Estate
Deutsche Asset & Wealth Management’s real estate investment business has been investing in real estate assets for more than 40 years. As part of the Alternatives and Real Assets platform, this business today has more than 450 employees around the world and US$48.3 /€35.04 billion in assets under management as of March 31, 2014, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide. To learn more about Deutsche Asset & Wealth Management’s real estate investment capabilities, go to www.rreef.com
Deutsche Asset & Wealth Management
With $1.29 trillion of assets under management (as of March 31, 2014), Deutsche Asset & Wealth Management¹ is one of the world’s leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.
¹ Deutsche Asset & Wealth Management is the brand name of the Asset & Wealth Management division of the Deutsche Bank Group. The legal entities offering products or services under the Deutsche Asset & Wealth Management brand are listed in contracts, sales materials and other product information documents. I