Mesirow Closes $1.2B Fund
The vehicle will target multifamily assets across the top 30 U.S. metros.
Mesirow Institutional Real Estate Direct has closed the Mesirow Financial Real Estate Value Fund V at $1.25 billion in investor commitments. The fund’s hard cap was established to preserve portfolio diversification.
The financial instrument will target multifamily properties across the top 30 U.S. metros, focusing on asset appreciation through revenue enhancement, cost optimization and property management.
The firm will zero in on repositioning underperforming Class A assets, bought at discounts to replacement cost, said Mesirow CEO Alasdair Cripps in prepared remarks.
Mesirow’s Fund V registered a 66.0 percent growth compared to the previous one, which totaled $750 million. That fund closed in June 2021 and focused on the same type of properties.
The Mesirow Institutional Real Estate Direct current multifamily portfolio comprises more than $8.5 billion in assets under management. The firm acquires communities in high-growth markets where barriers to entry reduce the risk of oversupply.
In January, the company acquired The District by Windsor, a 276-unit multifamily property in Denver. The three-building property came online in 2007.
At the end of 2024, Mesirow paid $185 million for a San Diego community, marking the second largest single-asset deal of that year in the metro. The firm acquired Preserve at Melrose, a 410-unit property completed in 2015.
