Red Car Equity’s $418M Fund II to Focus on Austin
Redcar Fund Management has closed on Redcar Fund II (“Fund II”) with $418 million in equity commitments. Through its debut Fund I which closed in January 2020, Redcar acquired 15 assets which will total 1.4 million square feet upon completion of their redevelopment.
While Redcar Fund I focused exclusively on Los Angeles, Fund II includes a co-investment sidecar that will help capitalize the firm’s expansion into Austin, TX, which exhibits similar favorable tenant demand for its specialized industrial redevelopment strategy. Fund II currently owns a portfolio of 12 assets across Los Angeles and in Austin’s St. Elmo and South Austin neighborhoods.
Redcar’s Christopher Chee said Fund II exceeded the size of Redcar’s $412 million Fund I amidst a challenging fundraising environment, “Our differentiated investment strategy, which includes targeted locations, a unique product type and cautious capital structures has allowed us to find continued interest and support from investors”
Redcar was founded in 2011.