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Devonshire raising $100 million for multifamily fund

by Andrea Waitrovich

Toledo, Ohio–based Devonshire Fund is seeking to raise $100 million in equity for its Devonshire Multi-Family Fund, according to a filing with the Securities and Exchange Commission.

Devonshire Fund is a boutique commercial real estate opportunistic investor. The firm purchases properties or property portfolios that generate free cash flow after debt service based on existing net operating income. There are no plans for speculative development or the purchase of individual properties with little or no cash flow.

The majority of the firm's properties in its portfolio are $1 million to $10 million transaction retail shopping centers. Recently, Devonshire Fund acquired a retail property located in Swanton, Ohio, and net leased to Rite Aid Pharmacy. The single-tenant property contains 11,097 square feet of net leasable space.   Source: Institutional Real Estate, Inc.

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