Eagle Rock Advisors and UOB Global capital have held a $200 million final close for their second Northeast U.S. multifamily fund, UOB Eagle Rock Multifamily Property Fund II.
UOB Global capital, the asset management arm of leading Singapore bank UOB Group, has committed nearly $65 million in the aggregate to Eagle Rock’s multifamily funds. The firm’s strong family office and HNW investor network comprised a significant portion of the equity in Fund II. A U.S. public pension fund also made a commitment to Fund II.
The vehicle aims to produce a net return to investors of approximately 13 percent and a yield of 7 percent or more by following Eagle Rock’s value-add strategy of purchasing class B workforce housing apartment properties in the Northeast. The firm favors communities near public or easily accessible transportation, strong employment centers and often in good school districts, with an average deal size of $45 million.
“Over the last fundraising cy
