UPDATED: Multifamily fund holds $260m close
TIAA-CREF and TIAA Henderson Real Estate have raised $260 million for multifamily fund CASA Partners VI. With leverage, the equity commitments will allow the Fund to target a portfolio of approximately $420 million.
CASA VI is focused primarily on U.S. workforce housing and seeks to provide its investors enhanced returns with high sustainable income. The CASA strategy takes an integrated approach, combining multiple value-enhancing investment strategies with income-enhancing, low-cost specialty bond financing to meet its goals.
Since its initial close, CASA VI has acquired two properties, Boca Vista Apartments in Altamonte Springs, Fla., and the Paseo Park Apartments in Glendale, Ariz. The acquisitions were each financed through municipal bonds that are exempt from fe