Covenant Capital launches tenth apartment fund

IREI has learned that a Nashville-based Covenant Capital has launched its tenth fund targeting the multifamily sector, Covenant Apartment Fund X. The firm declined to comment on the fundraising activity.

A real estate news source said the fund is targeting $400 million in equity commitments. The fund will seek value-add investment opportunities in Mid-Atlantic and Southeast markets.

The fund follows the same investment strategy of its predecessor funds. Covenant Apartment Fund IX, the ninth fund in the series, closed in 2018 at its target of $395 million commitments.

Covenant Capital Group is a value-add investment manager which exclusively focuses on the acquisition and renovation of apartment communities in major Southeast and Mid-Atlantic markets, according to the firm’s website. The firm manages more than $625 million in real estate assets and controls more than 8,500 apartment units.