$150M Hits Western Multifamily Market

LOS ANGELES—CityView has closed its CityView Western Fund I, a $150 million multifamily fund that will invest in Western states, with a special focus in California. The fund will invest up to $400 million through the fund, with debt making up the additional $250 million.

This fund, however, is taking a different shape than previous funds from the firm because of its investment pool, or rather, the lack of one. “As we were speaking with potential investors, one of the large pension funds we work with decided to invest in this fund on its own,” Sean Burton, CEO of CityView, tells GlobeSt.com. “So, this is really a separately managed account that was set up to meet the needs of a single investor.”

CityView currently has 14 active developments on the West Coast. The fund will create both new multifamily housing developments and multifamily redevelopments. “This fund will focus on market-rate multifamily developments West of the Mississippi,” adds Burton. “Some of the metro areas under consideration include San Diego, Orange County, Los Angeles, the San Francisco Bay area, Seattle, Denver, Boulder and Dallas.” Burton also says that the fund will focus on markets with strong Millennial demand and within close proximity to retail and entertainment opportunities.

This multifamily fund has a nine-year life. The forecasted returns and the name of the pension fund investor were not disclosed.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

LOS ANGELES—CityView has closed its CityView Western Fund I, a $150 million multifamily fund that will invest in Western states, with a special focus in California. The fund will invest up to $400 million through the fund, with debt making up the additional $250 million.

This fund, however, is taking a different shape than previous funds from the firm because of its investment pool, or rather, the lack of one. “As we were speaking with potential investors, one of the large pension funds we work with decided to invest in this fund on its own,” Sean Burton, CEO of CityView, tells GlobeSt.com. “So, this is really a separately managed account that was set up to meet the needs of a single investor.”

CityView currently has 14 active developments on the West Coast. The fund will create both new multifamily housing developments and multifamily redevelopments. “This fund will focus on market-rate multifamily developments West of the Mississippi,” adds Burton. “Some of the metro areas under consideration include San Diego, Orange County, Los Angeles, the San Francisco Bay area, Seattle, Denver, Boulder and Dallas.” Burton also says that the fund will focus on markets with strong Millennial demand and within close proximity to retail and entertainment opportunities.

This multifamily fund has a nine-year life. The forecasted returns and the name of the pension fund investor were not disclosed.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.