Blue Atlantic Partners III closes on $140m

Atlanta | Pacific Companies, a real estate operating company, and privately-held real estate asset manager Blue Arch Advisors have raised $140 million at the first close of their co-sponsored fund, Blue Atlantic Partners III, the firms announced Aug. 19.

The fund will expect to see further closings in the coming months and is looking to raise a total of $300 million to invest in value-add multifamily properties in affluent suburbs of major cities in the southern United States.

With leverage, Blue Atlantic Partners III is expected to have more than $600 million in buying power.

The investor base was comprised of domestic and international institutions and high-net-worth individuals.

The firms have successfully acquired $1 billion in multifamily assets for their investors through previous Blue Atlantic funds, and will look to do the same with the third investment vehicle, according to Greg Ward, managing partner at A | P.