Rock Creek Raises $60M for More D.C.-Area Properties

The D.C.-based commercial real estate company closed a $60 million Fund II to snatch up more local properties.

Takoma Theatre - 6833 4th St. NW Rendering

Takoma Flats

By Samantha Goldberg, Associate Editor

Washington, D.C.—Principals of Rock Creek Property Group continue to invest in the area they know best, successfully closing on their second real estate fund and raising $60 million, to scoop up local real estate throughout the greater Washington, D.C., area. Fund II will acquire office, retail, multifamily and industrial properties.

Gary Schlager and Andy Glick

Gary Schlager and Andy Glick

Like Rock Creek’s Fund I that was launched in 2010, Fund II will invest primarily in a “middle-market” space of about $3 million to $30 million, focusing on development projects, value-added opportunities and strategic joint ventures. The company will also look to acquire well-located, income-producing assets which have potential for long-term appreciation through Fund II.


1415 22nd St.

The company’s Fund II has already acquired three projects, including the joint-venture acquisition of 646-654 H St., NE in D.C.’s up-and-coming H Street corridor, where a Whole Foods is under construction and Rock Creek plans to develop a mixed-use project. Fund II also acquired two turn-around office/retail spots at 1413-15 22nd St., NW in Dupont Circle and 6833 4th St., NW, two blocks from the Takoma Metro station.

“Not every property will be developed or acquired with a goal to exit in the short term,” said Gary Schlager and Andy Glick, Rock Creek principals. “Lessons learned from Fund I, and our current deal flow both support the preside that certain assets should be held longer term. As the investment climate and our platform continue to evolve, we determined that it is more beneficial to our investors to mix development and opportunistic plays within the same investment vehicle as income-producing assets.”


646-654 H. St.

The company’s four principals each have more than 25 years of experience within the D.C. region, developing “a unique niche,” Schlager said. The investment strategy of focusing on the area has already proved successful with its redevelopment of office buildings at 1100 16th St., NW and 1438 U St., NW, as well as the joint-venture development of multifamily assets, including the 88-unit gut renovation of Takoma Flats in D.C. and the 240-unit Class A ground-up development of The Shelby in Alexandria.

Rock Creek expects a portion of its Fund II deal flow to be strategic joint ventures with other operators, with Glick emphasizing that the company provides a “full platform of development and investment services to help maximize value on each investment,” in addition to providing capital.

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