Fairfield Closes $300 Million Multifamily Debt Joint Venture

Fairfield U.S. Multifamily Core Plus Joint Venture LP

Fairfield Residential News, November 4, 2020 – Fairfield Residential (“Fairfield”) held the final close of Fairfield U.S. Multifamily Core Plus Joint Venture LP (the “Joint Venture”) in March 2020, with aggregate equity commitments of $307.7 million. This is the first Fairfield core plus fund since CalSTRS acquired a majority interest in Fairfield in April 2019 and the first Fairfield core plus fund since 2006. The Joint Venture seeks to invest in multifamily assets throughout the U.S. by acquiring assets up to 15 years old in suburban locations in major markets across the U.S.

The Joint Venture is a joint venture among Fairfield (acting as the general partner through an affiliate), California State Teachers’ Retirement System (“CalSTRS”) and Korea Public Officials Benefit Association (“POBA”), with Meritz Alternative Investment Management serving as advisor to POBA. In addition, both CalSTRS and POBA have committed $150.0 million to the Joint Venture. To date, the Joint Venture has seven investments closed or under contract throughout the U.S. with almost $260 million of equity committed to those investments.

Greg Pinkalla, CEO Fairfield, said, “We are excited to resume our Core Plus strategy. It is at a time when we can take advantage of a low interest rate environment with a goal to generate high current income to our investors in a defensive strategy and asset class. Additionally, the joint venture with CalSTRS and POBA brings our majority shareholder together with a new strategic investor for Fairfield. We are grateful for the strong commitment and support we have received from both CalSTRS and POBA and are excited to see our capital deployed in this low-rate environment. Today, the multifamily space has compelling market fundamentals alongside strong demographic trends that create a timely opportunity to apply our vertically integrated platform to generate and execute on multifamily investments.”

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Fairfield Residential is a leading owner, developer and operator of apartment communities throughout the U.S. We manage 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 vertically integrated national multifamily services platform providing development, construction, renovation, asset and property management, and acquisition and disposition services to our investors. Fairfield Realty Advisors LLC is registered as an investment adviser with the 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]

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