New Fund Will Raise $50m for Multifamily Investment
Foxcode Real Estate, a Miami-based asset manager specializing in private real estate investment funds, announced its plans to raise $50m for a new fund that will invest in multifamily commercial real estate. Robert Willis, Fred Dupuy, Sean Quinn and Phil Cicio will manage the fund. The group’s experience ranges from real estate restructuring and financing matters, including assessment, acquisition, development, management, operations, and exit strategies, the company said. The fund will acquire cash-flowing properties at below market values, to produce high current income for investors, and realize capital appreciation for investors through appreciation of underlying properties. The fund managers anticipate initially investing in Florida, Massachusetts and other eastern US markets. “Our fund structure offers a risk mitigation strategy that enables investors to own a smaller piece of a larger portfolio of properties,” said Foxcode president Robert Willis. “Big picture fundamentals are the perfect storm for our Fund — prices, interest rates, inflation, and rental demographics.” Write to Austin Kilgore.