The New Mexico State Investment Council (NMSIC) has committed $200 million to Fairfield U.S. Multifamily Value-Add Fund IV, a program of Fairfield Residential. A related co-investment vehicle of an additional $100 million was also approved. These funds were committed on Oct. 29, according to the NMSIC meeting materials.
Fairfield U.S. Multifamily Fund IV is a value-added, closed-end fund with a focus on class B and class C assets in the United States. With its fundraising target of $1.2 billion, this fund has $800 million in total capital raised.
Typical value-add business plans include rehabilitation and renovation designed to reposition properties to an upgraded product that will generate higher income. Targeted locations include growth areas of major markets and will include both urban and suburban neighborhoods.
Fairfield U.S. Multifamily Fund IV is expected to initiate some new developments, targeting constrained areas of major markets, according to Fairfie
