Florida SBA places $375m into opportunistic real estate funds

Florida State Board of Administration | May 05, 2020

Florida State Board of Administration (SBA) is investing $375m (€344.1m) in opportunistic real estate funds. The pension fund told IPE Real Assets that it is committing $225m to the Cerberus Institutional Real Estate Partners V fund and $150m to the Trigate Property Partners IV fund. According to Florida SBA, Cerberus Partners V, which is planning a $2bn fundraise, has now raised $640m of equity. The fund targets investments that can produce gross annual internal rate of return of 17% to 20% over a one- to five-year holding period. TriGate IV has so far raised $414.75m and targets a $500m hard cap. The fund seeks investments where a net return of 15% and gross return of 18% can be achieved.

Spotlight

Minimize data entry, maximize accuracy, and automate the process of appending property tax documents to tax bill payments with Avalara Property Tax for Enterprise.

With Avalara Property Tax for Enterprise, your business can avoid missing due dates, maintain outdated or slow technology, file in new and complicated jurisdictions, and manage costly resources.

Spotlight

Minimize data entry, maximize accuracy, and automate the process of appending property tax documents to tax bill payments with Avalara Property Tax for Enterprise.

With Avalara Property Tax for Enterprise, your business can avoid missing due dates, maintain outdated or slow technology, file in new and complicated jurisdictions, and manage costly resources.

Related News

REAL ESTATE INVESTMENT, MORTGAGE AND LENDING

New American Funding Partners with Patch as Exclusive Mortgage Provider

New American Funding | March 06, 2023

New American Funding, an independent mortgage lender, recently announced its partnership with Patch, the hyper-local news platform, to become its exclusive mortgage provider. Through this partnership, NAF will be featured prominently in Patch's weekly newsletters in more than 1200 communities worldwide and on the real estate and mortgage hub on each of Patch's community websites. Patch offers unique news and information for over 1200 communities throughout the nation at present. By the end of the year, Patch plans to grow in a big way. With Patch, NAF is also a nationwide provider company, creating it as a natural partnership. By collaborating with NAF, Patch can offer its readers access to reliable mortgage services through a reputable provider. As Patch's growth continues, this partnership with NAF is poised to help both companies reach a wider audience and meet their business goals. CEO and Co-Founder of New American Funding, Rick Arvielo, said, "As the way families find companies to work with evolves, so do the ways we can reach them," He also said, "This partnership will put our company in front of millions of people, giving us a great opportunity to educate them about the various loan options we offer and show them how we can help them achieve their dreams of homeownership." (Source – Cision PR Newswire) About New American Funding Founded in 2003 as an independently-owned and operated mortgage lender, New American Funding has 165 branch offices nationwide and a servicing portfolio of over 243,770 loans worth about $64.3 billion. J.D. Power in Customer Satisfaction in 2022 ranked New American Funding as #1 among Mortgage Servicers. Furthermore, in 2022, the company ranked 18th on Fortune's list of the 100 Best Companies to Work For®. The company provides its Loan Officers with cutting-edge tools to help them streamline the mortgage process and offers advanced career training. Based in Tustin (California), it is committed to providing impartial mortgage education to the broader public.

Read More

MARKET OUTLOOK,REAL ESTATE INVESTMENT

MLG Capital's Private RE Acquisitions Exceed $1 Billion Two Years in a Row

MLG Capital | January 11, 2023

MLG Capital, a frontrunner in diverse private real estate investments, recently announced that its acquisitions in 2022 topped $1.2 billion, setting another company record. Notably, the company's first year with $1 billion in asset acquisitions was 2021. It also continued to achieve success over the past year by acquiring 1.8 million square feet of commercial space in over 7,100 multifamily apartment units and 14 states. MLG announced its sixth diversified fund in May 2022, aiming to raise $400 million in equity. The company's latest product, MLG Legacy Fund, also witnessed significant growth. With only two years since its establishment, the fund has already amassed over $700,000,000 in property holdings. MLG's achievements also led to national and regional recognition in 2022. For two years in a row, Inc. 5000 named it as one of the fastest-growing private companies in the United States. Additionally, GlobeSt. Real Estate Forum has named the company a Multifamily Influencer while Milwaukee Business Journal has named it one of Milwaukee's 'Best Places to Work'. Individual employees also earned distinctions, including Rising Star by Multi-Housing, News Woman of Influence by GlobeSt. Real Estate Forum, and so on. Senior Vice President of MLG Capital, David Binder, said, "MLG has invested in over $5.6 billion of transactions, which is the total of sold assets and the estimated current value of current investments as of Q3 2022. This figure represents approximately 39.5 million square feet of assets, inclusive of more than 33,900 multifamily apartment units across the country, further strengthening our diverse portfolio and positioning us as a leader in the industry." He also said, "Paramount to our growth and successes this past year is the strong support and trust from our valued investor and deal partners across the country. As we look ahead to 2023, we will continue to focus on finding smart real estate deals across the country by working with best-in-class deal partners, with a dedication to transparency, absolute integrity and making a difference while making a living." (Source: Accesswire) About MLG Capital MLG Capital is a private equity investment firm and direct real estate operator. Its primary goal is to increase the value of its clients' holdings. Investors around the United States trust the company because of its solid reputation and track record of positive returns, built up over 35 years of business. The current department portfolio includes more than 33,900 apartment units. Investing with MLG Capital, the investors relish tax efficiency, prioritized returns and geographic, asset type and real estate manager diversifications.

Read More

MARKET OUTLOOK,REAL ESTATE INVESTMENT

Origin Investments Expands Kovitz Investment Group’s Private RE Offerings

Origin Investments and Kovitz | January 09, 2023

Focus Financial Partners Inc., a leading partnership of independent, fiduciary wealth management firms, recently announced that it entered into a definitive agreement enabling Origin Holding Company, LLC, a Chicago, IL-based private real estate fund manager, to join forces with Focus partner firm Kovitz Investment Group Partners, LLC. The firm will continue to provide its real estate funds under the Origin brand while retaining its leadership and investment team. The deal is anticipated to conclude in the first quarter of 2023, subject to the fulfillment of customary closing conditions. Origin is a prominent manager of private real estate funds specializing in multifamily residential assets. The company manages multifamily property funds to provide investors with tax-efficient income, capital appreciation, and portfolio diversification. Its funds have more than 3,000 individual investors, many of whom were referred by other high-net-worth organizations. Its performance places them in the top decile of 2022's best private real estate fund managers, according to Preqin, an alternative investing data provider. This strategic transaction will significantly expand the footprint and scale of Kovitz's private real estate fund solutions for clients, building on the company's long history of real estate investing success. Through this agreement, Kovitz will make its operational capabilities and wealth management know-how available to Origin and its investors. Meanwhile, Berkshire Global Advisors served as Origin's primary financial advisor in this transaction. David Scherer, Co-CEO of Origin, concluded, "In evaluating strategic partners, our objectives were to preserve and promote the continuity of our well-established brand while also gaining access to additional resources to help us better serve our funds' investors and grow our business." About Origin Investments Origin Investments provides best-in-class real estate solutions to HNWIs, family offices, and RIAs. It manages multifamily real estate developments in fast-growing U.S. markets. Since 2007, the company has accomplished $2.5 billion in real estate transactions, while its principals have invested $60 million. Alternative investment data source Preqin says that the company's performance is in the top 10% of the world's best private real estate fund managers. About Kovitz Kovitz Investment Group Partners, LLC (Kovitz) is an SEC-registered investment adviser that serves individual and institutional customers. It connects HNWIs, institutions, and financial professionals to asset management and advising methods. It offers long-term investing options backed by rigorous research. The organization approaches financial planning and wealth management as active activities, helping clients make the right decisions.

Read More