CHARLOTTE, NC-Grubb Properties has closed on the Grubb Southeast Residential Fund II, its second multifamily fund since 2009 focused on acquiring class B and class C apartment communities in the Southeast. The fund aims to work with joint ventures with institutional and other private investment partners.

"This strategy is right in our wheelhouse, since we have project management and construction experts in house who can provide significant physical and operational improvements to find efficiencies," Andrea Howard, senior vice president of acquisitions at Grubb Properties, tells GlobeSt.com. "We are looking for well-located class B and C communities with 150 units or more located in Charlotte, Raleigh, Atlanta, Greenville, Charleston, Nashville and Chattanooga where we've already done deals."

The new fund has already acquired Sterling Forest in Raleigh and Sterling Oaks near Atlanta. Both properties are currently completing substantial renovation and repositioning programs. The fund has also secured three additional properties that are expected to close within the next two months.