IRVINE CA - The Sares-Regis Multifamily Value-Add Fund II held a final close, having raised over $300 million in total equity commitments. Utilizing leverage, the Fund will seek to acquire approximately $850 million of assets in its target markets.
“We are very pleased to have exceeded our target raise of $250 million, bringing together a number of repeat investors from our first fund with several new top tier institutional investors,” said Ken Gladstein, the Fund’s President. Investors in the Fund include insurance companies, public pension funds, wealth managers and other institutional investors from the United States, Europe and Asia. “The focused strategy of the fund allows for immediate deployment of investor capital to take advantage of numerous value-add acquisition opportunities in our pipeline,” he added.
Sares-Regis formed the Fund to capitalize on attractive multifamily fundamentals in the Western United States, as well as the potential to create value via the renovation and repositioning of well-located Class-B properties by leveraging SR’s vertical operating capabilities. The Fund targets assets in Northern and Southern California and the metropolitan areas of Seattle, Portland, Denver and Phoenix.
To date, the Fund has acquired three assets that, in aggregate, represent approximately 20% of the Fund’s total commitments. The Fund’s first two investments are in the Los Angeles metropolitan area and the third is in San Diego. A fourth investment in Denver is expected to close in the next few weeks. “The fund has a focused, well-defined, value-add strategy to purchase, manage, reposition, aggressively operate and sell high-quality multifamily assets in major western U.S. markets,” said Bill Montgomery, the Fund’s Chief Investment Officer. “SR’s skill as an investor, manager, developer and contractor, provides experience and depth in every stage of the value-add process as well as economies of scale that will benefit investor returns,” he added.
Source: SARES REGIS / #Apartments #Multifamily