Real estate investment firm Midloch Investment Partners has closed another value fund for new investors, dubbed Midloch Value Fund II, with $60 million raised. The company set out to raise $50 million for the second fund but "demand exceeded our initial expectations, says CEO and Principal Andy Sinclair, in prepared remarks.

At the same time, the firm is aiming for $75 million of equity for its third fund, Midloch Value Fund III, which will be invested in multifamily and commercial properties in prime locations in the Midwest but also other areas.

Total capital targeted to raise and investments to secure through the three value funds totals $165 million. While Midloch has primarily focused on the Midwest where it has offices in Chicago, Milwaukee and Minneapolis, it doesn't limit itself to those areas, and already has invested in markets in the Southeast, Sunbelt and Mountain West.