Wayne-based Argosy Real Estate Partners managed to create a $472 million fund in two years to invest in distressed properties and the residential rental market, writes Ryan Mulligan for the Philadelphia Business Journal. 

The real estate investment firm started fundraising in 2021 and officially closed on the fund last week. The original goal was to raise $400 million. The majority of the fundraising was done last year. 

Co-CEOs Dave Butler and Andy Stewart said they plan to be flexible with how they will use the funds. Due to the current economic environment, they see the single-family rental market, industrial properties, and distressed buildings primed for conversions as the best opportunities right now. 

“We can shift at any point in time to what sectors and markets we think are most favorable and most favorably positioned to deliver outsized returns,” said Stewart. 

Argosy Real Estate Partners V LP is the fifth fund for the firm. Butler and Stewart has not disclosed specific investors but did say it was a combination of endowments, family offices, insurance companies, and pension funds. 

Read more about Argosy Real Estate Partners raising their funds in the Philadelphia Business Journal. 

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