Advanced Real Estate Services (ARES) has launched its first investment fund targeting the multifamily sector, according to several news sources.
The Advanced fund will have more than $500 million in buying power.
Multi-Housing News reported last week that ARES has refinanced a six-property multifamily portfolio in Southern California with $240.4 million in Freddie Mac and Fannie Mae loans. The $100 million in cash-out proceeds will be used as the initial investment in the $250 million fund.
Three of the properties are located in Orange County, two in Riverside County and one in Los Angeles County. IREI understands Freddie Mac financed the first five assets for $204.6 million earlier this year.
