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Monthly Archives: October 2019

National Development combines with Charles River upon close of $400M funding round

Charles River Realty Investors announced that it has closed its $400 million Fund 4.  In conjunction with the closing of the fund, the firm announced that it was combining with National Development to form a seamless, vertically-integrated real estate investment, development, construction and operating company.

Since Charles River’s formation in 2006 as the investment management platform of National Development, the firms have committed over $4 billion in real estate investments, with a primary focus on creating value through urban and mixed-use development, redevelopment and renovation/repositioning, and produced top-tier returns for its investors.

The combined firm will be known as National Development, with Brian Kavoogian becoming a Managing Partner and a member of the firm’s Executive Committee.  He will continue to have a primary focus on the firm’s new investment activity.  Going forward, National Development plans no changes in its approach and strategy, with a focus on creating great places and providing its investors with attractive risk adjusted returns.

“Combining the firms is a natural extension of our long-term relationship and synergies,” said Kavoogian.  “This will strengthen our platform and will be seamless for our investors and partners.”