Salt Lake City — Private real estate investment manager Highland Real Estate Partners announced the final close of Highland Multifamily Opportunities, the firm’s debut US real estate fund. Highland Multifamily Opportunities raised $44m which surpassed its initial target of $35m and grows Highland’s equity capital under management to $65m.
Highland Real Estate Partners has already begun constructing the fund’s portfolio, with 9 acquisitions completed to date comprised of 211 apartment units in the Chicagoland and Salt Lake City markets. The team is focused on adding value to this portfolio and is implementing operational plans to drive occupancy gains, grow net operating income, and enhance asset quality.
Ben Frazer, Investment Partner and co-founder, says, “This fundraise positions Highland to continue executing on our strategy and scale our platform and, along with the strong performance of our initial investments, is a testament to the market opportunity and our differentiated strategy. We are grateful for the confidence and continued support of our investors, despite the challenging macroeconomic backdrop, and remain committed to delivering attractive absolute and risk-adjusted returns.”
Dylan Grigg, operating partner and co-founder, says, “We carefully built Highland from the ground up, scaling our property management business and streamlining our investment processes to drive competitive advantages in the highly inefficient sub-institutional multifamily market. Our investments have benefitted from the vertical integration of property and asset management, achieving strong rent growth, occupancy rates and yield. We look forward to continuing to deliver strong results for our investors.”
Highland Real Estate Partners is a vertically integrated manager of private real estate investments, focused on acquiring and operating lower middle-market multifamily, affordable, and university housing assets in select markets. Highland aims to consolidate sub-institutional sized multifamily assets and drive returns via exploiting inefficiencies and operating at scale in a fragmented landscape dominated by smaller, undercapitalized market participants. As of September 30th, Highland has approximately $110m in real estate under management, spanning over 500 apartments in the Greater Chicagoland and Greater Salt Lake City markets.