Global private real estate own capital firm ACR secured a capital commitment of $300 million StepStone Group within the framework of a new strategic partnership.
ACR said that StepStone’s commitments are broad-based and underpinned by the recapitalization of a portfolio of 1,500 units from previous funds; a joint venture focusto used about development opportunities in fast-growing markets; and the main investment fund.
“Overall, the vehicle will invest in multifamily opportunities across the risk spectrum, including value-added acquisitions, rent“Initial and initial development in the Sun Belt area, Midwest and Texas,” the firm said.
“Securing the commitment from StepStone is a huge achievement for ACR and our latest fund as we continue to add many of the biggest players in the investment world to our growing list of partners,” said ACR Managing Partner Michael Van Der Poel. “In an increasingly crowded multifamily market, attracting one of the world’s largest and most experienced institutional distributors is a testament to the strength of our proposaling and our experience of creating value in different market cycles.”
“We are delighted to be involved in this partnership with a vertically integrated top tier apartment manager ACR“, – said Alex Abrams, managing director of StepStone Real Estate. “These investments from ACR aligns strongly with our strategy to recapitalize best-in-class real estate platforms that own high-quality assets and provide additional capital to help them expand,” he added.
