Owings Mills, MD - May 4, 2010 - Chesapeake Realty Partners announced the first closing of CRP Opportunity Fund, L.P. at $53M. CRP Opportunity Fund will take advantage of the abundant opportunities presented by the dislocation in the Baltimore/Washington real estate market. CRP will create a diversified portfolio of undeveloped or partially developed land for subdivision and sale as residential building lots or for construction of apartments or retail/mixed-use projects. The Fund may also acquire existing, income-producing property.
"We believe the market is at an inflection point," said Lawrence M. Macks, CEO of Chesapeake Realty Partners. "Land values and construction costs are still depressed, but the homebuilders are aggressively seeking product and the rental market is poised for a decade of growth. However, there are very few experienced developers who have the equity capital, builder relationships and banking relationships to bring a project to market today."
"The Fund already has a portfolio of seven projects - representing lot development, apartment construction and retail/mixed-use development," said Josh E. Fidler, COO of Chesapeake Realty Partners. "We expect to acquire an additional 5-8 developments over the next 12-18 months."
About Chesapeake Realty Partners
Headquartered in Owings Mills, Maryland, Chesapeake Realty Partners builds on more than 60-years of success in the Mid-Atlantic real estate market. CRP is actively engaged in all aspects of real estate development - land acquisition; land planning and land development; construction of for-sale housing; construction and operation of residential rental communities; and construction and operation of commercial properties. The Company and its projects stand the test of time.