Berkshire raises $396m for multifamily fund
Berkshire Property Advisers has raised $396.1 million for its domestic multifamily fund, Berkshire Multifamily Value Plus Fund III, according to a filing with the SEC.
The value-added fund launched in March 2012 with a fundraising goal between $400 million and $475 million. A target final close date has not been disclosed, though the fund could raise another $80 million before closing itself to further commitments.
The fund will use the same strategy as its predecessors, employing a diversified strategy of debt and equity investments in multifamily properties across the United States, with a primary focus on acquisition and a maximum of 25 percent of the fund’s capital devoted to development.
The fund is seeking net returns in the range of 12 percent to 13 percent, and is antici