The new fund will provide equity for the company’s purchases of Class B multifamily assets.
The company will manage Covenant Capital Group’s 180-unit Icon on the Greenway and 183-unit Veridian.
The former vice chairman of the company has been with ARA for 13 years.
The 350-unit property is set to open in late 2018.
The 260-unit property is located in Madison Park, a popular neighborhood in Charlotte, N.C.