MIAMI, FL – Atlantic | Pacific Companies (A|P) and Blue Arch Advisors announced today the closing of their co-sponsored fund, Blue Atlantic Partners II, which will focus on investing in existing multifamily communities in the Southeast and Southwest U.S.
The fund closed with approximately $110 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 $175 million of equity which together with anticipated leverage is expected to have buying power of approximately $500 million. Investors in the fund include domestic and international institutions and high net worth individuals.
“In Blue Atlantic Partners I, we were able to successfully acquire $260 million in multifamily assets for our investors in a nine month period,” 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 clients in Fund II."
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).