GS BRP Urban Joint Venture Fund

United States of America

Last updated 12 May 2020, by Impactyield.

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GS BRP Urban Joint Venture Fund (Fund) will make real estate investments through the acquisition, development, repositioning and management of mixed-use, mixed-income residential properties in the New York City metropolitan area. Specifically, the Fund targets investments that are energy efficient/green, enjoy easy access to public transportation and are in-fill locations situated in areas of high population density.

The Fund is managed by a team of experienced real estate investment professionals led by Meredith Marshall and Geoff Flournoy, who founded BRP Development Corp. (BRP) in 2003. Together, the two principals have over 40 years of experience analyzing, underwriting, acquiring, financing, managing and disposing of residential and mixed-use assets. Additionally, BRP’s team has a diverse and deep background across multiple disciplines including transaction sourcing, investment underwriting, development, construction, and property management.

Accordingly, BRP has evolved into a fully integrated real estate company with a consistent record of developing and delivering over $211 million in completed, multifamily transactions, each of which is or was profitable at the time of exit by external investors. Moreover, BRP continues to identify attractive investment opportunities and is currently developing over $1 billion in real estate projects throughout the NYC area with over $575 million of potential pipeline deals.

Financial description

The Fund seeks to employ a disciplined investment approach to urban, multifamily markets with superior, risk-adjusted returns for BRP’s investors. Accordingly, the Fund will invest between $5 million and $30 million of equity in opportunities in which it can add value through ground-up development, physical improvements and changes in use.
BRP is committed to developing high performance properties with healthy indoor air quality and efficient energy and water usage. This includes green repositioning to enhance the value of acquired assets or new development with the latest in energy saving/green technology such as on-site cogeneration power plants which generate electricity heat and cooling. This process significantly reduces a building’s carbon footprint while lowering energy consumption and costs.

8 years

of track record


the year funded

85,000,000 USD


Asset manager

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Safe and affordable housing

Double the improvement in energy efficiency

Expand and upgrade energy services for developing countries

Full employment and decent work with equal pay

Key performance indicators

Fund overview

Asset manager: BRP Investment Management

Product track record: Fund has 8 years of track record

Target IRR: 17%

Committed Capital: 75,000,000 USD (US Dollar)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2015

Vintage year: n.a.

Target region: , , ,

Target close date: n.a.

Product term: 7 years

Assets under management: 85,000,000 USD (US Dollar)

Investment size: Min: 5,000,000; Max: 30,000,000; Avg: 17,500,000

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 1

Fund investments to date exited or repaid: 1

Management fee: 1%

Carried interest: 30%

Hurdle rate: 9%%

GIIN Investors' Council Investment: Yes

Limited Partners / Investors: Goldman Sachs Urban Investment Group, Spitzer Enterprises

Limited Partner / Investor Type: Family Office, Other Institutional Investors




Phone number: 2124881751.00

If you wish to have your details removed from this database please email

Anisa Keith

Managing Director

Impact Performance


Impact thesis

BRP expects the Fund to positively impact the communities in which it invests. Since its inception, BRP has been dedicated to revitalizing underserved, urban areas and making these communities better places to live, work and shop. BRP has the experience and tenacity to operate amidst the complexities of the urban marketplace, particularly New York City.
BRP targets investments that improve the social and economic conditions of the surrounding community. This includes creating job opportunities as well as enhanced and much needed retail (such as national chain pharmacies, organic green grocers, community centers and day care/early learning facilities).
In addition, BRP’s commitment to green building includes both repositioning and new development with enhancements that provide tenants and buyers with healthier, energy efficient living environments and lower energy costs. Moreover, through transit oriented design (on sites within a one-quarter to one-half mile radius of a major transit stop), BRP strives to adhere to the “smart growth” principals of “development that serves the economy, the community, and the environment.”

Impact Management


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