Goldman Sachs Urban Investment Group has partnered with real estate investment and development firm BRP Companies to launch a $75 million investment fund.
First reported by Crain’s New York Business, BRP Companies announced the partnership, called the GS BRP Urban Joint Venture, today.
”We are excited to expand our already strong relationship with BRP Companies in this new venture,” said Margaret Anadu, a managing director at Goldman Sachs, in a prepared statement. “BRP’s thoughtful approach to comprehensive community development is consistent with the mission of the Goldman Sachs Urban Investment Group and the investments will bring much needed housing, retail and community facilities to underserved neighborhoods.”
According to Crain’s, the fund will emphasize acquiring, developing, repositioning and managing residential properties that are mixed-use.
Goldman Sachs Urban Investment Group, created in 2001, utilizes capital to help catalyze development in struggling neighborhoods. Today, it is led by Dina Powell, who joined the firm in 2007 as a managing director. UIG has spent more than $3 billion of Goldman Sachs capital since it was established.