Participant Capital Launches a Multifamily Development Fund Focused on Florida
The fund has fundraising target of $250 million.
Participant Capital Advisors has launched the Participant Capital Sun Belt Multifamily Development Fund 1. The fund has a fundraising target of $250 million in commitments to allocate to multifamily development projects in the Sun Belt region. The fund is a closed-end private equity real estate vehicle with an 8-year projected term. Apex Group Ltd. has been appointed as the Administrator for the Fund.
The fund will be particularly focused on the state of Florida where it is targeting low-rise multifamily projects in the rapidly growing suburbs of Orlando and Tampa, and mid/high-rise projects in Miami and other major urban centers in South Florida.
“U.S. demographics, migration, work from home trends, and rising residential costs strongly favor multifamily development in Florida,” said Participant Capital President Bernie Wasserman in prepared comments. “Florida’s stable migration is the backdrop to its major cities experiencing some of the highest rent, job and economic growth in the country.