Lubert-Adler reaches hard cap for seventh fund
Lubert-Adler Partners has raised $485 million for its seventh fund, Lubert-Adler Real Estate Fund VII, according to an SEC filing.
The total offering amount of $560 million is jointly offered by Lubert-Adler Real Estate Fund VII and its parallel fund, Lubert-Adler Capital Real Estate Fund VII. The aggregate total sold by both funds is $560 million.
A final close date was not disclosed in the filing; however, IREI’s FundTracker database notes the final close will occur soon based on the fund reaching its equity target. An official announcement has not been released.
The Lubert-Adler fund has an opportunistic strategy and targets middle market rental assets in the United States with a large focus on multifamily assets (68 percent), though hotels (15 percent), office (10 percent) and retail (7 percent) properties will be targ