Real Estate Company Launches $ 100 Million Fund, Plans to Move Headquarters to Area | Business Observer

NAPLES – A Pennsylvania commercial real estate company with properties in at least five areas and some 200 employees nationwide, is launching a $ 100 million acquisition fund – which will be managed from its new Naples office.

Edgewater Group, based in Paoli, Pa., Outside of Philadelphia, recently acquired office space in Naples, in the Bayfront Office Building. In addition to managing the accounting and marketing of the future fund, Edgewater’s founding partner, Ketan Vora, who has a residence in Naples, says the company’s expansion in Southwest Florida is “a natural extension ”of the model of society. This includes distressed value-added advisory, management and investment services in five main sectors: hospitality, retail, offices, student housing and residential. “We’re here for the long haul,” Vora said in an interview with the Business Observer. “We buy it, we update it, we stabilize it.”

The company, founded in 2008 primarily to buy distressed properties during the recession, sees Naples as its southeast hub, and Vora says it could eventually replace the Philadelphia suburb as a full-fledged corporate headquarters. “We have very few employees in Pennsylvania now,” says Vora. “A large portion of our employees live in Florida.

Edgewater’s new Naples office on Third Avenue South in the upscale mixed-use community of Bayfront is two blocks from the famous Fifth Avenue shopping and dining district. The company acquired the 1,100-square-foot office in July as Edgecap Management LLC for $ 550,000, according to Collier County real estate records. He hired Naples-based architectural firm MHK Architecture & Planning to manage construction and design, which, according to a statement, “will include all glass offices and conference rooms reflecting the open and transparent organizational philosophy and culture. Edgewater ”.

Edgewater has another office in Tallahassee and Tallahassee, where it owns student accommodation and hotels. On the west coast of Florida, in 2016 it acquired the Wyvern Hotel in Punta Gorda, Charlotte County. He paid $ 9.5 million for the property.

Vora said the $ 100 million investment fund, which he hopes to launch within six months, will have national reach and will also review properties in the area for acquisition. “We’re not focusing on just one vertical,” he says. “We are looking for where we can add value in a given market. “

(This story has been updated to reflect the correct Edgewater office locations.)

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