Fifield Forms $600M Apt. Acquisition Fund

CHICAGO-Locally-based Fifield Realty Partners LLC has formed a $600-million apartment acquisition fund. The fund, Fifield Residential Partners IV LLC will concentrate on buying core-plus and value-add assets in both short-sale and loan-to-own deals.

“In good times, we build assets. In challenging times, we acquire and upgrade them,” says president Steven Fifield. “This definitely counts as a challenging time. However, because of the state of the current real estate market, there will be some outstanding opportunities in 2010.”

FRP IV is made up of a number of institutional partners. The fund will invest up to $200 million cash to purchase up to $600 million in apartments throughout 2010. Through the fund, Fifield expects to add more than 5,000 units to its current holdings.