Milestone Real Estate Investors V nears $450m

Milestone Real Estate Investors V, a closed-end value-add real estate fund managed by The Milestone Group, has raised nearly $428 million, according to a recent filing with the SEC.

The Florida-based real estate investment manager opened its fifth fund to investors in August, attracting an initial $319 million in capital from several institutional investors.

Fund V will invest across the real estate spectrum, acquiring debt, multifamily and distressed properties throughout the United States.

The previous fund in the series, Milestone Real Estate Investors IV, closed with $320 million in capital commitments. Prior to that, Fund III collected $108 million against a $300 million target in 2012.

An equity fundraising target for Fund V was not disclosed in the SEC filing.