Fundraising - JUNE 25, 2021

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EXCLUSIVE — Sundance Bay holds $145m second close for Income & Growth Fund

by Kali Persall

Sundance Bay is planning to hold a second closing for its Income & Growth Fund at the end of June, with more than $145 million in capital commitments.

Sundance Bay Income & Growth Fund will invest in core-plus and value-add multifamily assets in secondary and tertiary markets across the United States. The fund typically acquires older vintage properties and rehabilitates them.

The vehicle has a fundraising target of $500 million, but no hard cap, and has accrued a diverse investor base, including family offices, larger wealth advisers, insurance companies, high-net-worth individuals and several foreign investors.

The fund held a first close with $81.2 million in equity commitments in March. IREI understands that by third quarter 2021, there will be 10 assets in the fund.

The fund is led by Matt Romney, managing partner and head of multifamily at Sundance Bay,

In other news, Sundance Bay is planning to launch a new debt fund, known as Sundan

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