Berkshire launches open-end multifamily fund
The Berkshire Group is seeking an initial $500 million in equity for its new core-plus open-end multifamily fund, according to meeting documents from the New Mexico State Investment Council, which committed $75 million to the fund earlier this month. The fund will focus on acquiring recently built multifamily assets within prime submarkets across the United States located close to office and retail investments. The portfolio will contain approximately 80 percent core investments and up to 20 percent noncore investments. The seed portfolio comprises 11 properties and is valued at approximately $677 million. The properties are located in California, Colorado, Florida, Georgia, Maryland, Massachusetts, Texas and Washington state. Approximately half of these properties have been built or renovated since 2013.