San Antonio Fire & Police re-ups $20m in Covenant Apartment Fund XI

San Antonio Fire & Police Pension Fund has unanimously approved a $20 million follow-on commitment to Covenant Apartment Fund XI, a value-add fund managed by Nashville-based Covenant Capital Group.

Fund XI opened to investors earlier this year with a $600 million fundraising target, and it will invest in multifamily properties, primarily in the Sun Belt region of the United States. The vehicle will seek to acquire discounted apartment communities in well-located areas and reposition each asset through renovations and re-leasing strategies.

San Antonio has invested in four of Covenant’s previous funds — Funds VII through X — and said returns have consistently met or exceeded expectations.

The previous fund in the series closed in June 2021 with $600 million of committed ca