Covenant Capital Group holds $395m final close for apartment fund

Covenant Capital Group (Covenant), a real estate investment manager focused exclusively on value-add investments in apartment communities in the United States, has held a $395 million final close on the largest fund in the firm’s history, Covenant Apartment Fund IX.

Fund IX exceeded its $300 million target. Fund IX is 52 percent larger than Covenant’s prior fund, Covenant Apartment Fund VIII, which began acquisitions in 2015 and has fully invested all $260 million raised.

Since 2001, Covenant has raised more than $1.3 billion of capital to invest in apartment communities.

Fund IX plans to invest more than $1.2 billion, including debt, in approximately 25 to 30 multifamily assets over the next three years. To date, Fund IX has already closed on or committed to 10 transactions, with more than $400 million in total capitalization.