American Landmark Apartments, a U.S. real estate investment and management company, and rival Electra America have secured $462 million for a multifamily fund.
With the new capital raised, the companies will primarily invest in secondary markets in places like Nashville where there is strong growth in both population and jobs and a need for workforce housing.
Additionally, the fund is expected to continue focusing on buying Class B and Class A-minus multifamily properties in the Southeastern U.S., including Florida, North Carolina, Tennessee and Texas.
Of the $462 million raised, $392 million has already been invested and the companies are further seeking to raise $500 million in another fund.