Western National’s Initial Closing of Multifamily Fund Is Worth Over $200M
- Feb 25, 2008
By Anuradha Kher, Online News EditorIrvine, Calif.,–Western National Property Management, the multifamily management arm of Western National Group based in Irvine, has held the initial close of Western National Realty Fund II, L.P. (“Fund II”), the firm’s second private equity fund, with over $200 million of equity commitments.“We anticipate Fund II’s final close to take place in 2008 with at least $300 million of equity commitments,” says CEO Michael K. Hayde.Fund II focuses solely on multifamily acquisitions and development projects. Its current investors primarily include major state employee pension funds, life insurance companies and investment banks, as well as many of Western National’s long-term high-net-worth investors.“While institutional demand for multifamily in Southern California remains steady, the institutions are more selective, seeking vertically integrated multifamily firms with strong track records, long-term, multi-cycle experience by management, and a focus on quality assets in top-tier markets.” says Hayde.Prior to the creation of Fund II, Western National Properties had developed Fund I, which leveraged its $50 million in equity commitments from high-net-worth individuals by adding an additional $20 million from joint-venture partners. Following its initial close, Fund II acquired a site for a ground-up development in the Warner Center-area of Woodland Hills, Calif. The investment will consist of a 195-unit, four-story apartment complex wrapped around a five-and-a-half-story parking structure.