Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced the closing of three additional investment allocations – in Washington, D.C., Philadelphia, and Oakland, Calif. – as part of its $400 million residential real estate development fund with the Arizona State Retirement System (ASRS). All three of the closings were completed before year end 2014.
“These closings reflect our continued strong partnership with ASRS, and the execution of our strategy of working closely with select capital partners to activate entitled development opportunities in strong markets,” said David LaRue, Forest City president and chief executive officer. “These also reflect the variety of investment opportunities available to the fund, with one investment in a conventional entitled development project, one investment in an operating property as a springboard to additional new development, and one allocation to invest in a mature, productive operating property.”
In Washington, D.C., the fund closed an investment in 1001 4th Street, SW, the first Forest City-developed residential component of Waterfront Station, the mixed-use redevelopment of the former Waterside Mall site in Southwest D.C. 1001 4th Street, SW, which is expected to break ground in early January, will feature 365 market-rate apartments, underground parking, a rooftop pool, clubhouse and landscaped courtyard. Completion is expected in mid-2016.
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