CLEVELAND, OH – Actual property funding agency and fund supervisor Citymark Capital has efficiently reached the fundraising goal of $150 million for its second fund, Citymark Capital U.S. Condo Fund II (“Fund II”).
Citymark’s platform supplies three way partnership fairness for value-add, multifamily investments, executed by skilled regional and nationwide working companions. The agency targets institutional-quality, garden-style communities ranging in dimension from 100-400 items, within the Prime 50 U.S. markets primarily based on inhabitants. Whole acquisition prices usually vary between $40 million and $100 million.
Citymark launched Fund II in 2018 and secured commitments from 100% of institutional traders from its debut fund. “We’re grateful to our traders for his or her belief and confidence in our technique,” mentioned Citymark Chief Government Workplace Daniel Walsh. “Their assist underscores our perception within the constant efficiency of institutional high quality multifamily investments via totally different financial environments, together with market disruptions.”
Fund II’s present portfolio contains six multifamily communities. The belongings, ranging in dimension from 120 items to 408 items, are situated in Las Vegas, Dallas, Houston, Atlanta and Raleigh.
Citymark Capital’s $80 million debut fund closed in 2017 with various assist from pension funds, insurance coverage firms, high-net-worth people and household places of work. In 2018 the Fund was absolutely invested in six belongings situated in Atlanta, Orlando, Phoenix, Dallas, New York and Las Vegas. Citymark has exited 4 of the fund’s six investments, with plans to exit the remaining belongings within the close to future.
For additional data on Citymark Capital, go to www.citymarkcapital.com or contact Matt Porath at 216-453-8087 or Dana Banda at 216-453-8088.
The final data mentioned isn’t a assure, prediction, or projection of actual property investments. There are dangers related to investing in actual property belongings, similar to inflation, rates of interest, actual property tax charges, modifications within the normal financial local weather, native circumstances similar to inhabitants traits and neighborhood values, and provide and demand for related property sorts. This communication could comprise forward-looking statements recognized by means of phrases similar to “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “could,” “will,” “ought to,” “seeks,” “roughly,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the damaging model of those phrases or different comparable phrases. Such forward-looking statements are topic to numerous dangers and uncertainties. Accordingly, there are or shall be necessary elements that would trigger precise outcomes or outcomes to vary materially from these indicated in these statements. These elements shouldn’t be construed as exhaustive.