Urban waterfront community in TX and hotel in Boston added to GP Acquisition Fund II
As part of the GP Acquisition Fund II, the Growth fund is now invested in five Encore-sponsored real estate projects as either general partner, bridge lender or both. Hampton Inn Boston and Panther Island are two new investments for the fund.
Panther Island (pictured) will be a 5-story, 300-unit, urban waterfront community located just north of downtown Fort Worth within the Trinity River Vision (TRV), a master-planned revitalization project of the Trinity River corridor. The TRV will divert the Trinity River near downtown Fort Worth, create an urban lake, and about 12 miles of new development along the waterfront and open up the area just north of downtown for redevelopment. The TRV will also expand Gateway Park into one of the largest urban-programmed parks in the nation, and enhance the river corridor with over 90 user-requested projects along the Trinity Trails.
Construction start at Panther Island is expected in June 2017, with completion anticipated in February 2019. The site is 3.45 acres.
The fund also closed on the Hampton Inn, a 4-story, 103-room, full- service hotel in Braintree, Massachusetts in May 2017. Upon acquisition of the hotel, an approximately $2.5M property improvement plan was implemented to renovate and update the hotel to current brand standards. The property, built in 2001, has a 1,019 sf meeting space and is a full service hotel.