Atlantic | Pacific Real Estate Group and Blue Arch Advisors closed a $140 million portion of a fund that invests in multifamily properties in the Southeast and Southwest U.S.
The fund is looking to raise a total of $300 million, which will give it buying power of over $750 million. Investors in the fund include domestic and international institutional investors as well as high net worth individuals, according to a release.
The fund is focusing on investing in properties in affluent suburbs of major cities and value-add opportunities. The joint partnership has acquired about $1 billion worth of multifamily properties since 2016.
Bay Harbor Islands-based Atlantic | Pacific Real Estate Group’s parent company owns and manages more than 41,000 multifamily units across the country, according to the release.
In July 2018, Atlantic | Pacific, led by Howard Cohen, won a bid to develop a $172.8 million mixed-use project with a total of 600 residential units on a 90,000-square-foot parking lot at 152 Northwest Eighth Street in downtown Miami near the Brightline station in Overtown.
In October, an Atlantic | Pacific partnership paid $22.6 million for a 220-unit waterfront affordable senior housing complex in Sunny Isles Beach, known as the Marian Towers.