Los Angeles-based fund manager Belay Investment is on the hunt for some equity.
Belay has committed $50 million to a joint venture with L.A. firm Arc Capital to acquire value-add multifamily and retail properties in Southern California and Texas.
For its general fund, dubbed Belay Partnership Ventures 2, the firm is now soliciting $500 million of equity, REAlert reported.
In February, it acquired $200 million of initial capital from California State Teachers.
The fund aims for about a 13 percent return and will be involved in $1 billion worth of acquisitions. It will focus on buying apartment complexes and retail buildings in urban areas where there are plenty of millenials.
With $140 million of joint buying power, the partnership with Arc Capital is called ArcWest Partners. Arc Capital largely focuses on properties valued between $10 million to $50 million. [REAlert] — Cathaleen Chen