German American Realty US resi fund final close at $90m
The German American Realty Group has held the final closing of the GAR US Invest US Residential I fund which raised equity of $90 million.
Cologne-based fund and investment manager German American Realty, specialises in rental residential complexes in the US Sunbelt and the multi-property fund invests in both existing properties and developments in the south and south-east of the US, in this case, large metropolitan areas in Texas.
As of the end of March the portfolio comprised five existing assets with potential for value and rent increases.
GAR managing and founding partner Gisbert Beckers said there is a persistent housing shortage in the Sunbelt area. “We have successfully connected five existing residential complexes in booming cities and will reposition them thanks to various upgrading measures in the exterior and interior areas and make them more attractive for tenants”.
The fund will have invested in several developments in Texas and Florida by the end of the year.
These will include an apartment complex in a suburb of Brandon, Florida.