OneWall Partners Launches $50M Workforce Housing Fund

Nate Kline, chief investment officer/principal of One Wall Partners.

NEW YORK CITY— OneWall Partners, an investment management firm focused on workforce housing, has launched the Nova Appian Preferred Income Fund I, a $50m preferred equity fund aimed at transit-oriented workforce housing in the northeast.

The five-year fund has a preferred return of 9% to 10%, and a target return of 11% to 13% annualized net of fees and expenses. Since the announcement, OneWall has committed $2.5m and received soft commitments from accredited investors, as well as three institutional investors for an estimated $15 million investment. OneWall has been in the workforce housing game for some time and launched the fund to achieve diversified and risk-adjusted returns in an asset class it knows best; transit and lifestyle-oriented workforce housing. The firm plans to acquire 8 to 15 multi-family residential assets in Pennsylvania, New Jersey, New York and Connecticut.