San Francisco, Calif. (March 4th, 2020) – Swift Real Estate Partners (“Swift”, “SREP”), a San Francisco based real estate operating company and investment manager, announced today the final closing of SREP Fund III (“Fund III”) with over $500M of equity commitments. This is Swift’s third institutional investment vehicle raised since 2014 and its largest to-date. Inclusive of leverage, SREP Fund III has the ability to acquire more than $1.4B of commercial real estate on the West Coast. Fund III has already committed nearly one-third of its total equity with recent deals in Southern California (Pasadena and San Diego) and the Pacific Northwest (Bellevue, Washington) for approximately $300M. The Fund is also nearing completion of two additional transactions in the San Francisco Bay Area for over $100M.
SREP Fund III’s most recent acquisition, Crestwood Corporate Plaza, is a 75,000 square foot Class A office building in Bellevue, WA. The firm acquired the 63% occupied asset on February 28th for $23.6M. Swift has a long track record in the Puget Sound market and this represents its seventh purchase in the area since 2015.
Swift’s equity raises have capitalized on the company’s deep relationships with investors, including U.S. pension funds, endowments, foundations, foreign investors, and investment advisors. Swift held the final closing for its $329M SREP Fund I in 2014. The vertically integrated operating company raised its second fund in 2016, which closed with $408M of equity commitments. SREP Fund II completed its final acquisition in August 2019 and purchased nearly $1.1B of commercial real estate through 20 acquisitions. Nearly every SREP Fund II investor recommitted to SREP Fund III, which is a testament to the company’s impressive investment track record and institutional relationships.
“We are excited to announce our Fund I assets have been fully sold. The last investment in Fund II was made in August of 2019. The first investment of Fund III was made in October of 2019. Despite the recent close of Fund III, we are off to a fast start with nearly 30% of capital already committed, which is only possible because of our returning investors,” said Christopher Peatross, Swift’s President and CEO.
Swift has seen substantial growth over its nearly 10 year history and now has 80 employees among 8 regional offices spanning the West Coast. The company currently owns and manages over 7 million square feet of real estate.
About Swift Real Estate Partners
Founded in 2010, Swift Real Estate Partners is headquartered in San Francisco, and has regional offices in Orange County, Portland, the San Francisco East Bay and the Silicon Valley. Swift is a vertically-integrated real estate investment firm which seeks to generate superior risk-adjusted returns for its partners. Swift acquires and repositions office and industrial assets in select West Coast markets, identifying unique opportunities and executing well-defined business plans while providing real-time, day-to-day oversight for each investment. Since inception, Swift has owned and operated real estate valued in excess of $3 billion across more than 10 million square feet. Swift is currently investing on behalf of its third institutional investment vehicle. Swift’s professionals bring experience encompassing all aspects of real estate investment and management, including acquisition, financing, leasing, disposition, construction management, property management and marketing services.