MIAMI, FL – Atlantic | Pacific Real Estate Group (A|P REG), the real estate advisory & asset management subsidiary of Atlantic | Pacific Companies (A|P), and Blue Arch Advisors, a privately held real estate asset manager, announced today the closing of their co-sponsored fund, Blue Atlantic Partners III, which will focus on investing in existing multifamily communities in the Southern U.S.
The fund had a first closing with $140 million of equity capital commitments. The fund expects additional closings in the coming months with a total target raise for the fund of up to $300 million of equity, which together with anticipated leverage is expected to have buying power of over $750 million. Investors in the fund include domestic and international institutions as well as high net worth individuals.
“In subsequent Blue Atlantic Partners’ vehicles, we successfully acquired approximately one billion dollars of multifamily assets for our investors,” said Greg Ward, Managing Partner with the fund from A|P. “We are excited for the opportunity to provide the same level of service for our partners in Fund III."
The fund's strategy will be to purchase existing multifamily communities that can benefit from A|P’s property management expertise and value add/renovation program. The fund's target locations are affluent suburbs of major cities in the Southeast and Southwest U.S.
"We are grateful for the support from our investors, especially our repeat investors, and very excited to continue to grow our platform," said Gil Hermon, Managing Partner with the fund from Blue Arch Advisors.
For more information about A|P and its array of real estate services including development, property management, affordable housing, and construction, visit www.apcompanies.com or call (800) 918–1145. Follow A|P on Facebook (@AtlanticPacificCompanies), Instagram (@APCompanies) and Twitter (@APCompanies).