The Milestone Group has closed its latest value-add US real estate equity fund at its $1.1bn (€939.6bn) hard cap target.
The private equity real estate investment firm said Milestone Real Estate Investors VI’s investor base included global institutions such as public and private pension funds, insurance companies, foundations, a sovereign wealth fund, family offices and ultra-high net worth investors.
As previously reported, San Francisco Employees’ Retirement System made a committed $70m to Milestone Real Estate Investors VI.
The fund, which will acquire and reposition middle-market suburban multifamily communities across the Sunbelt and Mid-Atlantic regions, has already closed on several investments, including assets in South Florida, Northern Virginia and Denver, Milestone said.
Chris Bartlett, COO of Milestone, said: “The strong demand for Fund VI underscores Milestone’s 20-year track record of delivering consistent, strong performance across market cycles. Fund VI is well-positioned to capitalise on what we view as an exceptional opportunity to acquire high-quality multifamily assets at attractive pricing, while continuing to execute our disciplined, risk-aware investment strategy.”
Jeffrey Goldberg, co-managing partner of Milestone, said: “At Milestone, we take a solutions-oriented approach to transactions, with the objective of creating outcomes that deliver value for all stakeholders while positioning our funds for long-term success.
“We collaborate closely with sellers to address their unique circumstances, leveraging creative structures such as recapitalisations, debt assumptions, entity purchases, portfolio acquisitions, and rescue capital to facilitate refinancings and optimise capital structures.”
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