Crow Holdings Closes $3.1B Value-Add Real Estate Fund

Crow Holdings has big eyes for value-add investments across the United States.

The Dallas-based firm, headed by CEO Michael Levy, has closed a $3.1 billion fund, garnering commitments from private investors, banks, sovereign wealth funds, insurance companies and pension plans, the company said in a news release.

The fund could increase to $3.7 billion, as it secured an additional $600 million in equity capital from co-investors.

The fund will be used to target value-add real estate assets, focusing on multifamily and industrial properties. The firm will also explore investment opportunities for manufactured homes, retail, self-storage and student housing. More than 25 percent of the fund has already been deployed for 14 investments.

Raising billions in capital is an especially big win due to the tough lending standards and high interest rate environment that have hindered real estate deals across much of the nation since last year.

“Our successful fundraise, especially in the current challenging equity market environment, is a testament to the faith our returning and new investors have in our ability to identify and secure attractive real estate investments in our core focus areas,” Crow Holdings’ Coe Juracek said.

The fund will benefit from “a number of long-term secular trends that support their continued income growth,” said Bob McClain, CEO of Crow Holdings Capital.

Crow Holdings launched a $2.8 billion retail fund last year to capitalize on “small-format, convenience-oriented, open-air food and service shopping centers.”

Crow Holdings was the residential counterpart of Trammell Crow Company until 2006, when CBRE bought Trammell Crow Company. Crow family scion Harlan Crow took over Crow Holdings in the late ’80s and serves as chairman of the company, which includes Trammell Crow Residential, Crow Holdings Capital and Crow Holdings Industrial.

Its portfolio is valued at $31 billion, comprising a diverse array of commercial and residential assets.