American Landmark Apartments has secured an initial $400m (€343.4m) for its fifth value-add multifamily fund, attracting commitments from a diverse group of institutional and high-net-worth investors, including $15m from a co-investor partner.
The US multifamily owner-operator said the American Landmark Fund V, which seeks to raise approximately $1bn in total commitments, will have a $3bn investment firepower with leverage.
The firm raised $1.04bn for its fourth value-add US real estate fund at its close in February 2024.
Fund V – which focuses on the acquisition, renovation and management of multifamily properties across the US Sun Belt region – has already acquired Vinoy at St Johns, a 420-unit apartment community in Jacksonville, Florida, American Landmark added.
Joe Lubeck, CEO of American Landmark, said: “As we celebrate our 30th year of business, American Landmark’s approach to disciplined investing and focus on fundamentals will remain central to our philosophy across key markets with proven fundamentals.
“Our seasoned team’s deep understanding of the multifamily sector in various economic cycles and submarkets allows us to skillfully complete our investment objectives with clarity and confidence while furthering our growth as one of the nation’s top owner/operators.”
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