Private Pension Partners Real Estate LP (the “Partnership” or the “Growth Fund”) is pleased to announce that it has closed its private placement as per our March 17th, 2017 Confidential Information Memorandum (“CIM”).
Pursuant to the March offering, the Partnership received and accepted irrevocable subscriptions of approximately $18,000,000. Following the issuance of all of the committed units, the Partnership will have an aggregate of over $40,000,000 in equity commitments. The primary use of the proceeds of the offering will be used to fund the Partnership’s equity requirements in the development of “Lux at Tux” at 835 Sterling Lyon Parkway and the planned high-rise purpose built rental apartment at 221 Stradbrook Avenue.
The Partnership sincerely thanks all partners for their continued support and shared vision as this new capital will allow us to carry forward our plan to build a pension quality multi-family residential apartment property portfolio through to 2020.