Real estate fund raises $850M.(Lubert-Adler Real Estate Fund III L.P.)(Brief Article)(Statistical Data Included)

'Contrarian' investments will focus on distressed properties

Local real estate financiers Ira Lubert and Dean Adler have raised $850 million in a pool of money that tops any private equity fund in the region.

High on the list for investments for the real estate opportunity fund is apartment conversion projects across the country. Locally, the old Conrail building, which is considered one of the "gateway" buildings to University City, will be acquired through the fund.

Up to now, the largest known local fund was formed earlier this year by TL Ventures, a technology fund housed at Safeguard Scientific's Wayne campus. TL Ventures' sixth fund, TL V, …