Penwood real estate fund closes with $250m

Penwood Select Industrial Partners IV, managed by Penwood Real Estate Investment Management, closed March 30 with $250 million in equity commitments, according to IREI’s FundTracker database.

Penwood Select Industrial Partners IV will split the fund’s investments evenly between purchases and development of industrial properties in Southern California, mainly focusing on the repositioning and renovation of warehouses.

The value-added fund was launched in July 2014 and is the largest from Penwood Real Estate Investment Management. Penwood’s first fund raised $150 million and closed in 2006; the second closed with $202 million in 2007. Penwood Select Industrial Partners III closed in 2012 with $125 million of equity.