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Berkshire Multifamily Value Fund III holds first close
Boston-based Berkshire Group has raised $168.5 million in a first close for Berkshire Multifamily Value Fund III (BVMF III), according to a filing with the Securities and Exchange Commission. The value-added fund launched in June 2011 with a $400 million fundraising goal. The fund is expected to close during second quarter 2013.
Berkshire Group could not be reached for comment.
BVMF III follows the same strategy as its predecessors. It will invest in multifamily assets across the United States. It will make debt and equity investments in multifamily assets, as well as target redevelopment and ground-up development. The fund will employ different investing strategies in the multifamily sector to help mitigate risk, and a maximum of 25 percent of the fund will be devoted to development.
The New Mexico State Investment Council committed $50 million to BVMF III at its Jan. 22 board m