Investors - JANUARY 7, 2013

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Covenant Capital closes apartment fund

by Sara Kassabian

Covenant Capital Group has held a final close for its Covenant Apartment Fund VII with $236 million in equity commitments. The value-added fund invests in apartment communities in the Southeast and mid-Atlantic.

Fund VII was launched in May 2011 with a $300 million fundraising goal. Though its final numbers fell below expectations, Govan White, managing partner with Covenant Capital Group, says it was a satisfying final close.

Fund VII started investing its capital, acquiring five properties at the end of 2012. The fund’s first acquisition, Timbers Properties, now called Veridian, located in Spartanburg, S.C., was acquired at foreclosure for $5.6 million in June 2012. The fund's most recent transaction is Viera Briarcliff, a 500-unit property located in a suburb of Atlanta.

Covenant Capital Group is a Nashville-based real estate private equity firm specializing in the acquisition and redevelopm

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