Covenant Capital Group closes latest apartment fund at $600m

Covenant Capital Group, a real estate investment management company with an exclusive focus on value-add investments in apartment communities, has closed its largest fund to date.

Covenant Apartment Fund X began fundraising in 2020 and closed in June 2021 with $600 million of committed capital, surpassing its target of $400 million. The fund was backed by more than 300 limited partners, with more than 93 percent of those existing investors.

Commitments in Fund X were nearly double the fund’s predecessor, Covenant Apartment Fund IX, which closed in 2018 with $395 million of commitments.

Headquartered in Nashville, Covenant has more than $1.1 billion of assets under management and manages real estate investments in more than 26 markets throughout the United States. Since 2001, Covenant has raised more than $2 billion of capital to invest in apartment communities

Fund X plans to invest more than $1.7 billion, including debt, into 40 to 50 assets over the n