Swift Realty fund holds first close of $223m

Swift Realty Partners has held a first close of $222.5 million for Swift Real Estate Partners Fund II, according to a spokesperson for the firm. The fund is expected to close on another $130 million in equity commitments during the coming weeks.

The value-added fund, which launched in December 2015, is targeting $400 million in equity commitments with a hard cap of $450 million and will invest primarily in office properties on the West Coast. Swift Real Estate Fund II has begun acquiring assets already, having recently purchased 915 118th Ave. in Bellevue, Wash., for $18.25 million. The fund also acquired three properties in Portland, Ore.’s Old Town Chinatown for $12.2 million. Those properties include the Merchant Hotel, Norton House and Captain Couch.

The fund’s predecessor, Swift Real Estate Partners Fund I,