Closes Second Value-Add Multifamily Fund at $ 215 Million and Holds First Close on Multifamily Development Funding Vehicle with Target of $ 160 Million
INDIANAPOLIS, May 25, 2022 / PRNewswire / – Buckingham Companies (“Buckingham”), a vertically integrated, full service real estate company, announced today it closed its second real estate fund, the value-add Buckingham Multifamily Fund 2 (BMF2), at $ 215 million. This follows the firm’s inaugural BMF 1 Fund, also using a value-add strategy of acquiring multifamily and mixed-use properties located in surging US secondary markets in the Midwest and Southeast.
Additionally, Buckingham announced the first closing of a new multifamily development funding vehicle with a target of $ 160 million. The funding vehicle is intended to target ground-up construction of amenitized, workforce multifamily properties in vibrant US secondary markets throughout the US BMF2 and the new development funding vehicle plan to collectively acquire or develop over $ 1 billion in value of multifamily assets over the next three years.
Buckingham Multifamily Fund 2 (BMF2)
BMF2 closed and achieved 100% reinvestment participation from previous fund investors in Buckingham Multifamily Fund 1 (BMF1), Buckingham’s flagship fund, which closed in May 2018. Investors in Fund 2 include large American and non-US public and private institutional investors. Fund 2 has a continued focus on multifamily markets in the Midwest and Southeast and has already allocated 45% of its commitments to multifamily communities in four cities. Continuing its value-add investment thesis for Fund 2, Buckingham will increase asset value through management efficiencies, property upgrades, interior / exterior renovations, and improved amenities.
Bradley B. ChambersCEO of Buckingham Companies, said, “We are thrilled to have the continued support of current best in class limited partners, and we welcome our new LP partners in BMF2. Their support recognizes the exceptional track record and operational excellence of the Buckingham team and is a validation of our investment strategies. Multifamily continues to provide compelling risk-adjusted returns. We see ongoing opportunities ahead for well-located multifamily housing for these new vehicles. “
Buckingham Multifamily Development Funding Vehicle
Buckingham has partnered with LaSalle Global Partner Solutions on investing in the development of workforce housing. The development funding vehicle’s portfolio is planning to invest in six new ground-up construction multifamily development projects located in growing secondary markets, including Raleigh-Durham, Louisvilleand Denver. Two projects have broken ground upon the development funding vehicle’s first close, in Raleigh-Durham and in Denver’s northern suburb of Loveland, CO.
Buckingham has a 38-year track record of delivering high-quality apartments via its fully integrated platform with an in-house team. The development funding vehicle’s strategy is centered on Buckingham’s proprietary development model focused on cost efficiencies, speed to market, and delivering elevated design and amenity packages in growing housing markets in need of high-quality multifamily housing.
“We are thrilled to be partnering with Buckingham and benefiting from their experience in all areas of the multifamily sector. They have an exceptional track record over a very long period of time which is an obvious fit for our clients and capital,” said Andy BuchananSenior Vice President of LaSalle Global Partner Solutions.
About Buckingham Companies
Founded in 1984, Buckingham Companies is a fully integrated real estate investment firm specializing in the development, acquisition, management, and construction of multifamily, mixed-use, commercial and hospitality projects across the United States. Buckingham currently owns or manages a portfolio of over $ 2.6 billion of real estate for its own account and institutional partners. Buckingham has managed more than 125 properties, more than 28 million square feet, and over 25,000 rental units nationwide. The Indianapolis-based company has approximately 350 employees. Additionally, the affiliated Buckingham Foundation annually supports more than 50 nonprofit and civic organizations through philanthropic outreach in the areas of affordable housing, community and economic development, and arts and culture. For more information, visit www.buckingham.com.
For more information on Buckingham investment opportunities, please contact Sourav GoswamiManaging Director, Strategic Capital Partnerships at Buckingham | [email protected]
Lisa Baker603-868-1967, [email protected] or
Caroline Luz203-656-2829, [email protected]
SOURCE Buckingham Companies