The fund has already acquired two properties.

The two plan to invest in 15,000 units.

"Green shoots appear to be emerging," according to Colliers.

The plan is to convert the asset into up to 600 apartment units.

Through the fund, 70 percent of the capital has been committed to 70 properties.

The bank is also adding 26,000 square feet of space.

The asset features two buildings.

JLL closed the $50 million sale.