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CHICAGO-Transwestern Investment Co. LLC has closed its Transwestern Multifamily Partners LLC fund after receiving more than $225 million in equity, says Ed Ryder, a managing director and head of acquisitions for the fund. The fund was started a year ago and is focusing on multifamily with expectations of holding between 20 and 25 properties when the fund is fully committed. The expected value of the fund is expected to be about $750 million, Ryder says.

Transwestern started the fund a year ago. Currently, about one-third of the equity is committed with the fund current's value approximately $250 million, he says. The hold period for the assets will be from five to seven years, he says. The fund has "a core plus strategy with an income orientation," Ryder says. "We are trying to make a little bit more of our money from income than capital appreciation."

The most recent acquisitions for the fund were the 292-unit Briarhill Apartments in Atlanta and the 514-unit Grand Venetian at Las Colinas, 6205 Love Dr., Irving, TX. The Briarhill Apartments were acquired for $31.5 million from B & M Management, based in Birmingham, AL. The Grand Venetian at Las Colinas was acquired from Archstone-Smith Trust, as previously reported by GlobeSt.com. The sales price was not disclosed but Ryder did say that it was more than the previously estimated $46 million. The expected first year yield for Briar Hill is 5.5% stabilizing at 6.5% and the expected yield at Grand Venetian being closer to 6%, he says.