Monday, April 19, 2010

Gerding Edlen Raising Money for Green Rentals

Gerding Edlen Development is looking in part to the apartment market in the wake of some $100 million in losses for its investors related to troubled condominium developments in Portland and Bellevue, according to Ryan Frank of the Oregonian. 

Mark Edlen reportedly said the firm’s current investment strategy includes “green” infill apartment developments and older commercial building rehabs, and he specifically cited 20th and Hawthorne as the type of project that he thinks will work, according to Frank. 

To that end the company has created Gerding Edlen Green Cities I LP, a would-be $500-million private equity fund for its new focus, according to the SEC, and had taken in $40 million as of late December.

Frank’s post was a follow-up to the story he and Jeff Manning wrote about Gerding Edlen’s sharp change in focus in the wake of handing three ground-up condo projects back to lenders, losing approximately $100 million of investor equity. For that story, click here.