DALLAS--(BUSINESS WIRE)--Encore Enterprises, Inc. (“Encore”) today announced it has closed Encore Opportunity Fund I, LP, a $150 million equity fund (the “Fund”) which will provide capital for its real estate acquisition and development program.
Bharat H. Sangani, M.D., Chairman of Encore stated, “We are very excited to announce this significant step to build on Encore’s impressive track record, of being able to take advantage of the current conditions in the real estate markets to achieve superior returns for our investors.”
Patrick J. Barber, President and CEO of Encore, commented, “Opportunity Fund I represents the first of a series of Encore private equity funds we have planned. Due to significant investor interest, we are now marketing Encore Opportunity Fund II as a co-investment offering to complement Encore Opportunity Fund I investments.”
Lawrence S. Jones, Managing Director of the Fund added, “Encore is uniquely positioned to capitalize on its strong real estate underwriting abilities to also pursue the identification and acquisition of assets and loans from distressed sellers on well positioned real estate assets in the hospitality, multi-family and retail sectors.”
Encore acquires, develops and re-develops mixed use complexes, limited and full service hotels, multi-family projects, anchored neighborhood and community retail properties, and manages hotel and luxury vacation condominium resort properties and homeowner associations. Encore, which is based in Dallas, also has offices in Gulfport, MS, Atlanta, GA, and employs approximately 450 associates in four states.