Salt Lake City-based firm Bridge Investment Group closed its largest dedicated multifamily fund ever raised as market demand for affordable housing in the U.S. soars.
Bridge Multifamily Fund V attracted $2.26 billion in assets with a focus on Class B multifamily housing properties in high-growth markets with strong macro-economic prospects. The latest fund launch builds on the $43. 8 billion firm’s track record that has delivered strong performance for more than a decade, according to officials. With a focus on value-added investments through making significant upgrades to unit interiors and common areas, the team aims to have a positive impact on the residential rental market.
“We believe the multifamily market will continue to experience positive secular macroeconomic conditions for the foreseeable future, and we are excited to deploy the capital raised in Multifamily Fund V at what we view as an attractive point in the cycle,” said Jonathan Slager, chief executive officer of Bridge.
Colin Apple, co-chief investment officer for Bridge’s multifamily strategy, added, “Market demand for well-amenitized and affordable multifamily housing is projected to outpace supply, despite high unit deliveries expected over the next two years.”
