Security Properties holds final close for sixth multifamily fund

Security Properties has achieved a $200 million final close of its Security Properties Multifamily Fund VI, roughly six months after bringing it to market. The core and value-add fund originally had a target of $150 million.

Fund VI will focus on market-rate apartments — including workforce housing — in the United States. The fund invests directly in properties and also co-invests with third-party institutional LPs.

Fund VI has already acquired more than $1 billion worth of assets via 12 properties, according to Ed McGovern, managing director, capital markets at Security Properties. He told IREI that the firm has four more acquisitions pending, which would bring the fund acquisitions to 16 properties comprising more than 4,000 apartment units, giving the fund about 50 percent to deploy.

The Fund VI still has two years left to call capital. “We’re making a very good start of it,” McGovern said.

“We’re looking at migration markets — places w