Citymark Capital’s Second Reg D Fund Raises $150 Million
Citymark Capital U.S. Apartment Fund II, a Regulation D offering sponsored by real estate investment firm and fund manager Citymark Capital, has raised $150 million in investor equity.
Citymark Capital U.S. Apartment Fund II, a Regulation D offering sponsored by real estate investment firm and fund manager Citymark Capital, has closed to investors after it raised $150 million in investor equity.
According to Citymark, the fund secured commitments from all of the institutional investors from its first fund, Citymark Capital U.S. Apartment Fund I LP, and also raised several million dollars from individual investors through registered investment advisors.
According to the filing with the Securities and Exchange Commission, the registration was filed in April 2018 and had a maximum offering of $250 million.
Citymark Capital U.S. Apartment Fund II’s current portfolio includes six multifamily communities located in Las Vegas, Dallas, Houston, Atlanta and Raleigh that range in size from 120 units to 408 units.
Citymark focuses on value-add multifamily investments ranging in size from 100-400 units and located in the top 50 U.S. markets based on population. Total acquisition costs typically range between $40 million and $100 million.
Citymark Capital’s $80 million debut fund closed in 2017 with investments from pension funds, insurance companies, high-net-worth individuals and family offices. In 2018, the fund was fully invested in six assets located in Atlanta, Orlando, Phoenix, Dallas, New York and Las Vegas. Citymark indicated that it has exited four of the fund’s six investments, with plans to exit the remaining assets in the near future.
