(Read more on the multifamily market.)

CHICAGO-Transwestern Investment Co. LLC has closed itsTranswestern Multifamily Partners LLC fund after receiving morethan $225 million in equity, says Ed Ryder, a managing director andhead of acquisitions for the fund. The fund was started a year agoand is focusing on multifamily with expectations of holding between20 and 25 properties when the fund is fully committed. The expectedvalue of the fund is expected to be about $750 million, Rydersays.

Transwestern started the fund a year ago. Currently, aboutone-third of the equity is committed with the fund current's valueapproximately $250 million, he says. The hold period for the assetswill be from five to seven years, he says. The fund has "a coreplus strategy with an income orientation," Ryder says. "We aretrying to make a little bit more of our money from income thancapital appreciation."