U.S.-based real estate investment trust Covenant Capital Group, LLC announced that it has secured $395 million for its new fund, Covenant Apartment Fund IX, L.P.
The investments came from a diversified mix of public and private retirement systems, foundations, endowments and private investors.
With an initial target of $300 million, Covenant closed its fund IX surpassed by $95 million.
The fund IX, which has closed on or committed to 10 transactions, with over $400 million in total capitalization, will invest more than $1.2 billion in approximately 25 to 30 multifamily assets over the next three years including debt.