MIAMI--(BUSINESS WIRE)--Parmenter Realty Partners is closing on its fourth distressed real estate fund. The target size of Parmenter Realty Fund IV is $500 Million which will allow it to purchase in excess of $1.5 Billion in distressed real estate assets throughout a large area of the United States.
The closing of Fund IV coincides with a period in which as much as $1.3 Trillion in troubled commercial real estate assets will be sold at significant discounts by lending institutions. “As a result of the depth of the recent economic downturn and the continued economic recovery, we are confident the opportunities in this cycle will be generational,” said Darryl Parmenter, President & Chief Executive Officer.
Formed in 1989, Parmenter Realty Partner’s success for over 21 years is attributed to the acquisition of distressed real estate and adding value through a variety of operational strategies, resulting in some of the highest risk adjusted yields in the industry. This approach of acquiring underperforming assets and turning them to a class A status has won the firm’s portfolio and extraordinary team an impressive 35 “Outstanding Building of The Year” awards (TOBYs) to date by the Building Owners and Managers Association (BOMA), solidifying its place as a leader in the industry.
Parmenter's investors include large institutions, university endowments, foundations, fund of funds and select high net worth families. The Advisory Board includes numerous industry icons.
About Parmenter Realty Partners:
Parmenter Realty Partners is a vertically integrated real estate institutional fund operator headquartered in South Florida with regional offices in Dallas, Atlanta, and a capital markets office in New York. It is actively involved in the expansion of its portfolio in the major markets in the southern half of the United States. Parmenter identifies and acquires underperforming office properties in fundamentally sound in-fill markets that have current or future occupancy issues and require repositioning, and uses its hands on operational skills to create operational efficiencies. Further information is available at www.parmco.com.