GreenOak Real Estate has closed on its third American property fund. The firm has raised $1.55bn and is aiming for a 15-percent rate of return. The new fund will target mid-market multifamily investments in New York but also branch out to other cities such as Seattle, Washington and Miami. GreenOak’s second real estate fund totaled $756m, which the company sold a quarter of for a 13-percent return. The company’s first fund has so far delivered an impressive 32-percent return. “Our goal is to buy unloved or undermanaged real estate, then fix, stabilize and sell it, so we need to invest in markets where there’s liquidity,” said GreenOak founder, Sonny Kalsi.
