NEWTON – Charles River Realty Investors announced that it has closed its $400 million Fund 4. In conjunction with the closing of the fund, the firm announced that it was combining with National Development to form a seamless, vertically-integrated real estate investment, development, construction and operating company.
Since Charles River’s formation in 2006 as the investment management platform of National Development, the firms have committed over $4 billion in real estate investments, with a primary focus on creating value through urban and mixed-use development, redevelopment and renovation/repositioning, and produced top-tier returns for its investors.
The combined firm will be known as National Development, with Brian Kavoogian becoming a Managing Partner and a member of the firm’s Executive Committee. He will continue to have a primary focus on the firm’s new investment activity. Going forward, National Development plans no changes in its approach and strategy, with a focus on creating great places and providing its investors with attractive risk adjusted returns.
“Combining the firms is a natural extension of our long-term relationship and synergies,” said Kavoogian. “This will strengthen our platform and will be seamless for our investors and partners.”
For over 25 years, National Development has been one of the most active real estate investment and development firms in Massachusetts. Specializing in multi-family, commercial office, life science, mixed-use, retail, industrial, hotel and senior housing projects, National Development and its investment affiliate Charles River Realty Investors have developed and/or acquired over 28 million square feet of space with a value of more than $6 billion. National Development is also one of the region’s largest property management companies and currently manages over 9 million square feet of commercial space and 2,800 residential units.