Finesa announces first acquisition by Diversified International Partners (DIP) Fund
Finesa Real Estate Group’s USD200m equity fund, Diversified International Partners (DIP), has made its first acquisition, closing on a USD10.1m investment called Sixth Avenue West, an approximately 125,000 square foot commercial office building located in the West Denver submarket.
The building offers an easily accessible location, located less than one minute from the 6th Avenue Freeway, which is also convenient to major arteries including I-70, C-470, I-25 and Colfax Avenue. The property is located 15 minutes west of Downtown Denver and is only minutes east of the Denver Federal Center, a General Administrative Services facility that houses approximately 6,200 employees for many Federal Agencies.
"We're excited about this initial investment for the Diversified International Partners Fund," says Andres Gonzalez, president of Finesa. "The opportunity in the West Denver submarket allowed us to purchase class A space at a significant discount to replacement cost. We have developed a strong capital improvement plan which we expect will benefit the asset and the investment."
DIP is a real estate private equity fund developed for Latin American institutional and qualified high net worth investors. Finesa successfully secured commitments from some of the most prominent pension fund and endowment managers in Latin America.
Transwestern Investment Management is the exclusive investment manager and, as such, managed the acquisition process.