MACC Venture Partners Closes $100M Agreement with IBS Investment Bank
The new fund will provide equity for the company's purchases of Class B multifamily assets.
Charlotte, N.C.—MACC Venture Partners announced a $100 million agreement with IBS Investment Bank for the acquisition, management and disposition of its multifamily assets throughout the Southeastern United States.
“We believe our market and capital synergies will position our firms to benefit from upcoming market changes and add exciting new properties and location to our growing asset portfolio,” John Azar, executive vice president for MACC Venture Partners, told Multi-Housing News. More importantly, it will allow us to be more agile and nimble on the right acquisitions therefore greatly enhancing alpha to our investors.”
The agreement will leverage IBS to launch MACC’s first close-ended fund, the $100 million MACCVP’s Capital Equity Fund LLC, which will fund the company’s purchase of Class B multifamily assets opportunistic for MACCVP’s property management.
“We believe overall conditions for multifamily are still very positive; however, there are significant differences in the fundamental drivers and outlook among different Southeastern metro areas,” said Tony Azar, managing director of MACCVP. “Job growth, supply growth, affordability and submarket concentration drive our strategy decisions and due diligence. This process resonates deeply in our acquisitions and investments and is reflected in our past performance and track record.”
Image courtesy of MACC Venture Partners