Vancouver-based Parkit Enterprise Inc. has announced that it has entered into a partnership with Propark America to create a parking acquisition fund.

The two companies recently joined forces in gaining the development, ownership and operation of the Canopy Airport Parking facility in Denver, Colorado. Parkit and officers of Propark will operate the acquisition fund as co-general partners, with Propark providing property-level operational expertise. The fund will look to create a diversified portfolio of income producing parking facilities.

“We are fortunate to be taking our partnership with Propark to the next level. As co-general partner and a leading limited partner, Parkit will generate significant income and equity upside,” says Rick Baxter, CEO of Parkit.

The partnership fund is targeting a first-close portfolio of seven assets located throughout the United States for near-term acquisition, totaling $85 million U.S.