Ballast Rock, the diversified investment management firm, has launched Sunbelt Multifamily Fund III (SB3), the third private equity real estate fund in its Sunbelt series.
Ballast Rock seeks to raise $100 million for the fund. Like the previous Sunbelt Funds, it will focus on acquiring and renovating a diversified portfolio of workforce multifamily properties in the Southeast U.S. Ballast Rock has identified and is performing due diligence on a value-add property that would represent the first acquisition for the new fund.
“The broader real estate market has experienced tremendous uncertainty, given the rise in interest rates and disruptions in the credit markets,” said Thomas Carroll, founder and CEO of Ballast Rock. “The team have patiently been assessing the long-term impacts of these changes on our target markets and are excited to have found a potential first investment for SB3. We have remained constructive on our core focus, which is workforce multifamily