Real estate development and investment firm Hillpointe has closed a $110 million fund to develop Class A apartments for workforce tenants.
The firm blew past its target of $100 million and plans to develop high-quality housing for workers who earn between 60% and 120% of area median income, the company said in a statement. The fund will provide capital for the firm's next eight workforce housing projects representing around 2,400 units across the southeastern US.
The commitment underscores a broader US trend showing that suburban locations, particularly across the Sunbelt and secondary markets in the Southeast, are booming targets for multifamily investment. The sector has also stood out as a winner as the impacts of COVID-19 continue to pummel other asset classes.
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