Indianapolis-based Buckingham Cos. has announced that its affiliate Buckingham Partners has closed its first real estate fund, the Buckingham Multifamily Fund I, at $175 million.
With a value-add strategy, the Buckingham Multifamily Fund I closed in 12 months and was oversubscribed for its fund target. Investors included large North American public and private institutions.
Buckingham Partners, the fund manager, and Buckingham Multifamily Fund I GP, the fund general partner, are focused on acquiring multifamily and mixed-use properties located in dynamic and fast-growing secondary markets throughout the Midwest and Southeast, the company says. The fund will pursue a value-add investment thesis, increasing asset value through management efficiencies, property upgrades, interior/exterior renovations, and improved amenities.
“We're delighted our debut fund has attracted the support of best-in-class investors who believe in our investment strategy, and who appreciate the track record and operational excellence of our team,” said Bradley B. Chambers, founder, president, and CEO of Buckingham Cos., in a statement. “As interest in living and working in vibrant Midwestern and Southeastern markets increases, we're seeing great opportunities in well-located multifamily housing.”
The Buckingham Multifamily Fund I has closed, or is under contract to acquire, six investments in Carmel and Zionville, Ind.; Cincinnati; Louisville, Ky.; and Nashville, Tenn.
