ROCKVILLE, Md., Feb. 19, 2013 /PRNewswire/ -- Finesa Real Estate Group announces it has completed the second acquisition of its $200 million equity fund, Diversified International Partners (DIP). On December 6, 2012, Finesa closed on the purchase of the Kingsland Medical Center in Katy, TX. Katy is a rapidly growing suburban market located 20 miles west of downtown Houston. With an improving economy and diverse commercial base, the Houston area offers a positive economic outlook and an unemployment rate that is well below the national average.
The 29,400 SF building has been well maintained and is currently 100% leased. Located adjacent to the Christus St. Catherine Hospital, tenants include a variety of medical practices and facilities. The I-10 corridor is also nearby providing direct Interstate access to downtown Houston
"This acquisition enhances the fund's portfolio mix adding income and upside," said Andres Gonzalez, President of Finesa. "We are actively seeking investments that protect our downside and this opportunity in the Houston market does so. The fund purchased the asset at a significant discount to replacement cost and at an attractive yield to cost."
DIP is a real estate private equity fund developed for Latin American institutional and qualified high net worth investors. Finesa successfully secured commitments from some of the most prominent pension fund and endowment managers in Latin America. Transwestern Investment Management (TIM) is the exclusive investment manager and, as such, managed the acquisition process. DIP is actively seeking investments in the best markets across the country, focusing on multi-family, retail, office, and industrial/flex properties.
FINESA REAL ESTATE GROUP
Finesa Real Estate Group ("Finesa") is a real estate private equity firm and operating company founded in 2002 and headquartered in the Washington, DC metropolitan area. Finesa specializes in the acquisition, redevelopment and management of commercial assets. Historically, the firm has operated along the East Coast and Mid-West regions of the United States, with focus on multifamily and retail properties. By launching DIP in 2012, Finesa is now expanding its footprint nationally and across all four commercial asset classes: multi-family, retail, office, and industrial/flex properties.
SOURCE Finesa Real Estate Group