News Briefs - Bernstein Cos. Launches $100 Million Investment Fund

Bernstein Cos. launches $100 million investment fund Washington, D.C.-based The Bernstein Cos. (TBC) has subscribed to a $100 million Consortium Capital equity fund designed to attract acquisition and joint venture partners. The company's previous $30 million fund, Consortium One, is fully invested in eight projects in the Washington, D.C. metropolitan area.

In its latest venture, Consortium Two, the commercial real estate firm seeks to expand into a region that includes Philadelphia and Richmond, Va. The company has invested in two major projects with Consortium Two - a 261,000 sq. ft. office building in Richmond, and The Manhattan, a loft-style condominium project in Washington, D.C.

In 1998, TBC formed a joint venture with Union Realty Partners for a $15 million project in Washington, D.C. The conversion of the 249,000 sq. ft. warehouse facility into high-tech office space garnered the Washington Business Journal's "Best Real Estate Deal of the Year" award.

Source: National Real Estate Investor

Author: National Real Estate Investor Staff