Sares Regis Multifamily Investment Management exceeds target, raising $548 million for its Multifamily Value-Add Fund IV

Sares Regis Multifamily Investment Management (SRMIM) has raised $548m (€526m) for its fourth US value-add multifamily real estate fund.

The amount raised for Sares Regis Multifamily Value-Add Fund IV exceeded the fund’s $500m target and was also higher than SRMIM’s Multifamily Value-Add Fund III fund which closed at $328m in October 2019.

Back in September, IPE Real Assets reported that the fund had raised $522m and the San Diego City Employees’ Retirement System was planning to make a $25m commitment to the vehicle.

The fund’s investors, many of which have been longtime clients of the SRMIM platform, include private and public pension funds, insurance companies, wealth managers and family offices.

Evercore, which served as exclusive global capital advisor, said, the fund’s capital raising success was due to “heightened investor demand for multifamily exposure in key Western and Southwestern US markets”.

The Sares Regis fund will be investing in existing assets with no development transactions. It will acquire, renovate and enhance Class B multifamily properties in rapidly growing, supply-constrained submarkets in both the west and southwest regions.

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