Bailard Targets Affordable Housing With New Fund
The firm is launching a development-focused fund for affordable workforce housing.
Wealth management firm Bailard wants to develop a so-called ABCD portfolio of multifamily housing markets.
To that end it is launching a new fund to go with its legacy open-end diversified core private equity real estate fund.
ABCD represents Class A attainable assets with attributes such as affordability, business-friendly environment, college education attainment and demographic strengths with strong growth metrics.
The Bailard Multifamily Fund (BMF) will focus on under-supplied growth markets with the hopes of capitalizing on a shortage of affordable/workforce rental housing.
Preston Sargent, president and CEO of the Bailard Real Estate Fund and head of Bailard real estate said in prepared remarks that his team believes this housing will provide societal benefits by creating more affordable housing options for Americans who need them by increasing access to high-quality, moderately-priced apartments.
“This is even more important as rising mortgage rates edge out potential first-time home buyers,” Sargent said.
Sargent and Tess Gruenstein will serve as co-portfolio managers of the Bailard Multifamily Fund.