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University of Michigan to Invest in Detroit Real Estate Fund


The endowment also plans to place as much as $30 million to Penzance DC Real Estate Fund, which will invest in office, multi-family and development properties in the Washington metro area, including Northern Virginia and Maryland. Read more: Michigan ...


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Photographer: Robert Nickelsberg/Getty Images  University of Michigan to Invest in Detroit Real Estate Fund By Janet Lorin @JanetLorin More stories by Janet Lorin {"year":"numeric","month":"long","day":"numeric","hour":"numeric","minute":"numeric","timeZoneName":"short"} February 12, 2018, 1:58 PM EST It’s one of two funds that focus on real estate investments New commitments to alternatives total as much as $190 million The University of Michigan endowment plans to allocate as much as $190 million to managers that specialize in credit, technology and real estate, including a property fund focused on the Detroit area.The endowment will invest as much as $30 million in the Detroit Renaissance Real Estate Fund, which will purchase, renovate and rent single-family and multi-family homes in Oakland, Macomb and Wayne counties, according to an agenda item for a Feb15 board of regents meeting.Real estate and natural resources continue to play important roles as diversifying assets with inflation protection and as drivers of performance that “historically have been different from those of equities,” the school wrote in an annual report. {"contentId":"P41S3H6KLVR401","position":"outstream","dimensions":{"large_desktop":[[1,8]],"small_desktop":[[1,8]],"tablet":[[1,8]]},"strategy":"always","type":"Outstream Video Native Ad","targeting":{"position":"outstream","url":"/news/articles/2018-02-12/university-of-michigan-to-invest-in-detroit-real-estate-fund"},"containerId":"outstream-video-1-P41S3H6KLVR401"} {"contentId":"P41S3H6KLVR401","position":"box","dimensions":{"mobile":[[300,250],[1,1]]},"type":"Mobile Body Box Ad","positionIncrement":1,"targeting":{"position":"box1","positionIncrement":1,"url":"/news/articles/2018-02-12/university-of-michigan-to-invest-in-detroit-real-estate-fund"},"containerId":"box-UcGywG7"} The endowment was valued at $11.6 billion as of Dec31 and had a 9 percent allocation to real estate as of June 30.Read more: University of Michigan’s Endowment Posts 13.8% Investment ReturnFortus Partners, founded in 2011 by Corey Hanker and Jordan Friedman, is the general partner of the Detroit fund, according to the agendaThe firm targets undervalued homes that require varying degrees of renovationThe properties are held for rental income, but Fortus expects to dispose of the assets in bulk through a large portfolio sale.The endowment also plans to place as much as $30 million to Penzance DC Real Estate Fund, which will invest in office, multi-family and development properties in the Washington metro area, including Northern Virginia and Maryland.Read more: Michigan Endowment to Invest $70 Million in Asia Credit Funds {"contentId":"P41S3H6KLVR401","position":"in-article","dimensions":{"mobile":[[5,19],[300,250],[1,1]],"tablet":[[5,19],[728,90],[1,1]]},"type":"In Article Flex Native 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Before it's here, it's on the Bloomberg Terminal. LEARN MORE Have a confidential news tip?Get in touch with our reporters. {"url":"https://www.bloomberg.com/news/articles/2018-02-12/university-of-michigan-to-invest-in-detroit-real-estate-fund"} {"contentId":"P41S3H6KLVR401","position":"box","dimensions":{"small_desktop":[[300,600],[300,250],[1,1]],"large_desktop":[[300,600],[300,250],[1,1]]},"positionIncrement":1,"targeting":{"position":"box1","positionIncrement":1,"url":"/news/articles/2018-02-12/university-of-michigan-to-invest-in-detroit-real-estate-fund"},"containerId":"box-m5dZxLk"} Most Read S&P 500 Caps Best 5 Days Since 2011 as Oil Jumps: Markets Wrap These Are the World’s Most Miserable Economies McDonald's Cuts Cheeseburgers From Happy Meals Ray Dalio Raises Bets Against Europe’s Top Companies to $22 Billion ‘Black Panther’ Slays Hollywood Bias With Broad Ticket Appeal {"contentId":"P41S3H6KLVR401","position":"trendingnow","dimensions":{"small_desktop":[[5,18],[1,1]],"large_desktop":[[5,18],[1,1]]},"positionIncrement":1,"targeting":{"position":"trendingnow1","positionIncrement":1,"url":"/news/articles/2018-02-12/university-of-michigan-to-invest-in-detroit-real-estate-fund"},"containerId":"trendingnow-01vekEe"} {"contentId":"P41S3H6KLVR401","position":"native","dimensions":{"all":[[5,16],[5,5],[5,2],[1,1]],"mobile":[[300,250]]},"type":"Native Transporter Ad","positionIncrement":1,"targeting":{"position":"native1","positionIncrement":1,"url":"/news/articles/2018-02-12/university-of-michigan-to-invest-in-detroit-real-estate-fund"},"containerId":"native-GCTm0j1"} Terms of Service Trademarks Privacy Policy

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