Citymark Capital U.S. Apartment Fund II Reaches $150 Million Target
Cleveland, OH (August 24, 2020) – Real estate investment firm and fund manager Citymark Capital has successfully reached the fundraising target of $150 million for its second fund, Citymark Capital U.S. Apartment Fund II (“Fund II”).
Citymark’s platform provides joint venture equity for value-add, multifamily investments, executed by experienced regional and national operating partners. The firm targets institutional-quality, garden-style communities ranging in size from 100-400 units, in the Top 50 U.S. markets based on population. Total acquisition costs typically range between $40 million and $100 million.
Citymark launched Fund II in 2018 and secured commitments from 100% of institutional investors from its debut fund. “We are grateful to our investors for their trust and confidence in our strategy,” said Citymark Chief Executive Office Daniel Walsh. “Their support underscores our belief in the consistent performance of institutional quality multifamily investments through different economic environments, including market disruptions.”
Fund II’s current portfolio includes six multifamily communities. The assets, ranging in size from 120 units to 408 units, are located in Las Vegas, Dallas, Houston, Atlanta and Raleigh.
Citymark Capital’s $80 million debut fund closed in 2017 with diverse support from pension funds, insurance companies, high-net-worth individuals and family offices. In 2018 the Fund was fully invested in six assets located in Atlanta, Orlando, Phoenix, Dallas, New York and Las Vegas. Citymark has exited four of the fund’s six investments, with plans to exit the remaining assets in the near future.
For further information on Citymark Capital, visit www.citymarkcapital.com or contact Matt Porath at 216-453-8087 or Dana Banda at 216-453-8088.
The general information discussed is not a guarantee, prediction, or projection of real estate investments. There are risks associated with investing in real estate assets, such as inflation, interest rates, real estate tax rates, changes in the general economic climate, local conditions such as population trends and neighborhood values, and supply and demand for similar property types. This communication may contain forward-looking statements identified by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive.