Mesirow launches second multifamily value-added fund

Mesirow Financial has launched a $500 million value-added fund, Mesirow Financial Real Estate Value Fund II, according to a filing with the Securities and Exchange Commission.

Its predecessor, Mesirow Financial Real Estate Value Fund, raised $379.325 million in a June 2012 final close. The multifamily value-added fund focuses on renovations, repositioning, substantial lease-ups and management enhancements of properties. The vehicle is split 20 percent joint venture development and 80 percent value-added properties. Geographic focus is nationwide, with allocations to West (35 percent), Midwest (10 percent), East (35 percent) and South (20 percent). Its portfolio includes Terra Vista, located in Littleton, Colo.; Eleven North, located in Nashville, Tenn.; and Platform 14, located in Portland, Ore.