Endeavor Real Estate Group Closes $610M Fund


Value-add investment strategy focused on five momentum markets

AUSTIN, TX (July 5, 2023) – Endeavor Real Estate Group, an Austin-based investment and development firm, has closed a $610 million private equity fund.

Called Endeavor Opportunity Partners III, LP (“EOP III” or the “Fund”), the Fund will be invested in commercial real estate opportunities in five markets across the country, namely: Austin, Texas; Dallas; Nashville, Tenn.; Charlotte, N.C.; and Salt Lake City, Utah – with a particular focus on Central Texas.

The $610 million is anticipated to yield a total anticipated capitalization, including anticipated leverage and co-investment opportunities, in excess of $1.5 billion. It’s the third and largest fund Endeavor has closed in the firm’s 20-plus year history.

The Fund is notable for not only reaching its target raise during a challenging fund-raising period for commercial real estate, but also for the strong support from new and existing partners, including over $500 million from private wealth sources.

Endeavor Managing Principal Chris Ellis said: “We are thrilled with the continued commitment from our long-term investors, and we welcome the almost 300 new investors who have trusted us to continue our track record of providing excellent, risk-adjusted returns.”

EOP III intends to pursue a value-add investment strategy by creating a portfolio of diverse real estate assets across various sectors, including but not limited to the development or acquisition of multi-family, industrial, retail, and mixed-use properties. The Fund anticipates making 20 to 25 investments, each sourced and executed by Endeavor.

“We have a historical track record of strong performance over multiple cycles,” said Endeavor Managing Principal Bryce Miller. “We maintain comfortable risk levels, we’re flexible with our investment strategy and patient, but we won’t be shy about putting capital to work when the market presents opportunities.”

Since opening its doors in 1999, Endeavor has acquired or developed more than $5.1 billion in gross real estate assets across multiple domestic markets – making the firm one of the most prolific real estate players in the Central Texas region.

Chase Spruill, a senior vice president with Endeavor, was a member of the equity raise and will serve as fund manager. He says Endeavor’s vertical integration, meaning the ability to handle everything in-house across various types of commercial real estate, is a huge benefit.

“The opportunity set has changed over the past year of fundraising, but we still have high conviction in our target markets. Shifting generational demographics give us confidence that high job and population growth will continue to provide ample opportunities for our investors,” Spruill said. “Our deal teams can respond quickly to areas of surging demand and know when to move out of areas that are softening. With our depth of expertise across asset classes, we are well positioned to capitalize on the current market environment.”

About Endeavor Real Estate Group

Based in Austin, Texas, Endeavor Real Estate Group is a full-service commercial real estate firm that enhances value with a creative approach to investment, design, management, and leasing of retail, office, industrial, self-storage, mixed-used and multifamily properties. Endeavor is committed to sustainable, meaningful, and high-quality projects that enhance the surrounding communities and exceed stakeholder expectations. Since opening its doors in 1999, Endeavor has acquired or developed more than $5.1 billion in gross real estate assets across multiple domestic markets.

Noteworthy Greater Austin projects include: The Domain and Domain NORTHSIDE, Southpark Meadows, 1890 Ranch, The Parke, Belterra Village, IBC Bank Plaza, Champion Office Park, Rollingwood Center, The Bowie, and 901 E 6th. Endeavor has projects in development in Houston; Denver, Colo.; Fort Worth, Texas; and Nashville, Tenn. – including 1200 Broadway and Phase-one of Gulch Union, a 20-story, Class AA building with 330,000 square feet of office and retail space. Endeavor was named to redevelop the Austin American-Statesman site south of downtown Austin on Lady Bird Lake, and the Austin Business Journal consistently ranks the company as one of the region’s most active developers. Endeavor has also repeatedly been honored as a top place to work. For more information, visit: endeavor-re.com/.

For media inquiries, please contact Mary Alice Kaspar.

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