AION Partners closes its second discretionary fund above $100m target
AION Partners, a national real estate owner and operator of workforce multifamily housing, has completed the final closing of its AION Value Add II fund.
The fund reached its hard cap of $225 million in total commitments, along with a parallel vehicle investment of $50 million and was oversubscribed to its target of $100 million.
AION Value Add II will focus on creating value by investing in under-capitalized and under-managed multifamily properties across the Eastern half of the United States. The vehicle is now fully allocated across 26 assets, representing more than $1.7 billion of real estate.
“AION launched the fund in November 2020 in the midst of the COVID-19 pandemic,” said Michael Betancourt, co-founder and managing partner of AION Partners. “There was significant uncertainty in the economy and capital markets. However, we remained confident that workforce housing would be an even more essential part of life moving forward.
“The general m