NW1 Partners, founded last year by former Morgan Stanley and Equity International professionals, has raised $175m (€142m) to invest in retail assets in Washington DC.

The NW1 Washington DC Urban Retail Venture will assemble a portfolio of urban retail assets in “growing, Millennial-influenced sub-markets” in the city, it said.

NW1, which last year recieved backing real estate investment company Delancey, has partnered with Martin-Diamond Properties (MDP), an urban retail specialist. MDP will source opportunities and manage business and asset management plans.

The Venture has committed nearly one-third of its capital, encompassing 70,230sqft of real estate. 

Formed by industry veterans David Boyle and Brad Beanblossom, NW1 focuses on high conviction, small-cap real estate investments in areas often overlooked by institutional investors.

Co-headquartered in London and Chicago, the firm looks for opportunities in the US, UK, and continental Europe.