eneca's Founder and CEO, Rhett Trees
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don't miss out on joining the 1000+ of the industry's top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.
Seneca Capital Partners has closed its second workforce-housing fund, Seneca Capital Income Real Estate Fund II. The fund closed over-subscribed with $28 million in equity.
With leverage, Seneca plans to acquire $90 million in workforce housing assets. The firm plans to execute the same strategy as its SCIRE Fund I.
The firm's first fund closed in July 2018 with $24 million in equity commitments. The fund invested in nearly 1,200 homesites spanning half-dozen manufactured housing communities, and several of the communities are located on the outskirts of the fastest-growing cities in America including Dallas, Tampa and Houston.
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Kelsi Maree Borland
