American Landmark Apartments raises $1bn for fourth US value-add fund

American Landmark Apartments has raised $1.04bn (€957m) for its fourth value-add US real estate fund.

The multifamily owner-operator said the amount raised for American Landmark Fund IV and its affiliated entities exceeded its $975m target, giving Fund IV $2.6bn of investment capacity, including leverage.

Its predecessor in the series raised $980m.

American Landmark said Fund IV’s backers included existing and new investors and both domestic and foreign institutions, including sovereign wealth funds, pension funds, endowments and insurance companies.

Fund IV is focused on the acquisition, renovation and management of multifamily properties across the US Sun Belt region.

Joe Lubeck, CEO of American Landmark, said: “We were very honoured to have strong national and international support for our fourth fund. Both repeat and new investors, largely institutional, were participants. We appreciate the investment community’s confidence in American Landmark to successfully navigate the current real estate market.”

David Tepperman, global head of capital markets at American Landmark, said: “2023 was a challenging year for capital raising and we are very happy with our successful final closing, which exceeded our target. This is a testament to our team’s consistency and ongoing commitment to performing for our clients.

“We are deeply grateful for the continued support from our existing investor base and are excited about the new relationships we have formed. The ability to exceed Fund IV’s target speaks to the [limited partner] community’s confidence in American Landmark’s expertise as a seasoned manager and the multifamily sector’s resiliency.”

To read the latest IPE Real Assets magazine click here.