Eagle Rock raises $114 million

UOB Eagle Rock Multifamily Property Fund, a core-plus multifamily fund managed by New York City–based real estate manager Eagle Rock Advisors, has raised approximately $114.6 million, according to a filing with the Securities and Exchange Commission. The fund launched on Nov. 14, 2011, with a $150 million fundraising goal.

Eagle Rock’s partner United Overseas Bank of Singapore (UOB Global Capital) invested $25 million, while Eagle Rock has invested between $50 million and $52 million. The remaining equity has been raised from undisclosed domestic and international investors and high-net-worth individuals. A final close is expected in April 2013.

The fund invests in garden-style multifamily assets located in the Northeast, particularly markets located between Boston and Washington, D.C.

“Our goal is to create this portfolio and use our operating platform to create those risk-adjusted returns,” says Rishi Gupta, a director at Eagle Rock. “Our targets are core-plus assets that are well located and have some sort of an operation component … where we can add value.”

UOB Eagle Rock Multifamily Property Fund has started to invest its capital. The fund acquired its first multifamily asset, located in South Nyack, N.Y., in March 2012 for approximately $8.6 million. Recently, the fund made its fifth multifamily investment, the acquisition of a 195-unit townhouse community that closed on Dec. 18 for approximately $12.25 million. Other investments include the Wintergreen of Westville, a 294-unit multifamily complex located in New Haven, Conn.; and Beacon Mill Village, a 187-unit apartment community in Beacon Falls, Conn.

“This is our first fund, a platform where we have the operating expertise and acquisitions expertise to really grow and move on to Fund II and Fund III and Fund IV,” Gupta says. “That’s the long-term goal."