Hillpointe launches third housing fund for workforce tenants

Hillpointe has launched a new fund focused on apartment development, according to a recent filing with the SEC.

The fund, known as Hillpointe Workforce Housing Partnership III, is seeking to raise $190 million in capital commitments. The vehicle will develop class A quality apartments that are competitively priced for workforce tenants.

The fund’s predecessor, Hillpointe Workforce Housing Partnership II, completed its final close in March with $110 million in equity commitments, exceeding its $100 million fundraising target. At closing, Hillpointe Workforce Housing Partnership II was expected to allow for the development of the next eight workforce housing projects in Hillpointe’s pipeline, representing $320 million of total asset value and 2,400 workforce housing units in the southeastern United States.

Hillpointe said there is significant unmet dema