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Fairfield Holds Final Close Of US $750 Million Core Plus Fund

July 15, 2022

 

Fairfield U.S. Multifamily Core Plus Fund II LP

Fairfield News, July 15, 2022 – Fairfield held its final close on June 29, 2022 for its Fairfield U.S. Multifamily Core Plus Fund II LP (“Fund II”) with over $250.0 million of equity, bringing the total equity raised for Fund II to $750.0 million. The investor base of Fund II consists of U.S. and Asian institutional investors, including equity commitments from the California State Teachers’ Retirement System (CalSTRS), Korea Public Officials Benefit Association (“POBA”) with Meritz Alternative Investment Management serving as investment manager to POBA and five other large institutional investors.  CalSTRS and POBA are also investors in Fairfield’s predecessor Core Plus Fund, Fairfield U.S. Multifamily Core Plus Joint Venture LP which raised a total of $308.0 million and closed in March 2020.  Fund II’s investment strategy will focus on acquiring core plus multifamily assets in over 30 major MSA’s throughout the U.S. and approximately $265.0 million of equity has been deployed to date. Fund II will leverage Fairfield’s national platform and 36 years of history in multifamily with over $21.0 billion in acquisitions. 

Richard Boynton, President and Chief Investment Officer of Fairfield, said, “Fairfield has always recognized the value and stability of investing in high quality, well located apartment properties, particularly in periods of high economic volatility like today.  The multifamily space has compelling market fundamentals alongside strong demographic trends that provides a sound base to our investment thesis even as the public stock and debt markets are in a period of uncertainty.”     

Fund II, with $750.0 million of equity commitments, is the second Core Plus vehicle Fairfield has raised.  Trey Stafford, Head of Capital Markets Fundraising, said, “We are not only excited we achieved our fundraising goal and raised our second and largest core plus fund to date, but are equally proud of our ability to attract high quality and diverse investors from the U.S. and Asia. As we continue to expand our multifamily investment strategies, growing our investor base within and outside the U.S. has been a key focus for us.”       

Fairfield is a fully integrated multifamily company that currently has approximately $10.0 billion in assets under management[1] in various multifamily acquisition, development, and debt strategies.

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Fairfield is a leading owner, developer, and operator of apartment communities throughout the U.S. We manage over 40,000 units nationwide across luxury new construction and renovated apartment homes in urban and suburban neighborhoods and tax credit affordable housing properties. We offer a fully integrated national multifamily services platform providing development, construction, renovation, asset and property management, and acquisition and disposition services to our investors. Fairfield is majority-owned by the California State Teachers’ Retirement System (CalSTRS). Fairfield Realty Advisors LLC is registered as an investment adviser with the U.S. Securities and Exchange Commission.

For more information, please visit our website at www.fairfieldresidential.com or contact: 

Trey Stafford
Head of Capital Markets
Tel: (858) 626-8303
Email: [email protected]

 

Easther Liu
Head of Marketing
Tel: (858) 404-8172
Email: [email protected]

Nothing in this news release should be construed as an offer of securities for sale in any jurisdiction.  This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that may adversely impact the anticipated outcomes include, among others: the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement; conditions to the completion of the transaction may not be satisfied on the terms expected or on the anticipated timeline; and the benefits of the transaction may be different than currently anticipated. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. Fairfield assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release.

 


[1] Current data as of March 31, 2022 (inclusive of regulatory assets under management of Fairfield Realty Advisors LLC).

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