Excelsior, Minnesota-based Water Street Partners has announced the final closing of Water Street Fund II, LLC . WSP achieved its equity target ahead of schedule and was oversubscribed by 15 percent.
Fund II is a closed-end, discretionary real estate fund targeting commercial and multifamily investments in the Minneapolis-St. Paul, Minnesota; and Raleigh-Durham, North Carolina, markets. WSP expects to acquire five to seven investments on behalf of Fund II during the next 12 to 24 months through a variety of sources.
Typical investments will be value-add in nature and require total capitalization of between $5 million and $15 million, though WSP can modify these criteria in its discretion. WSP is currently evaluating several properties in its pipeline and actively seeking additional marketed and off-market opportunities.
WSP is led by managing partners Joe Boone and Jim Hegedus. The company partners with high net worth and family office investors to execute real estate strategies that take advantage of evolving market conditions. In addition to its fund investments, the company also oversees all capital markets activities for its sister company, Oppidan.