Encore holds final close for multifamily property fund
Encore Capital Management has held a final close of $450 million for Rescore Property Corp., according to Oscar Vasquez, COO for Encore.
The opportunistic fund focuses on “developing new urban infill multifamily rental communities” and has made seven acquisitions to date in Fort Lauderdale, Fla.; Hollywood; Jersey City, N.J.; Los Angeles; Plantation, Fla.; San Francisco; and Walnut Creek, Calif. Vasquez says all of these are land or existing structures that will be demolished and redeveloped as new apartments. The fund is targeting returns of 20 percent.
The fund, which held a first close in April 2014, received commitments from 44 investors including endowment funds, foundations, corporate pension funds and family offices.