OneWall Partners, an owner and manager of transit-oriented workforce housing, has announced the launch of Nova Appian Preferred Income Fund I, a $50 million preferred equity fund (the “Fund”) that will target transit-oriented workforce housing in the northeast United States.
The Fund is open to accredited investors seeking to invest in real estate.
The Fund will seek eight to 15 multi-family residential assets in the northeast, initially focusing on the States of Pennsylvania, New Jersey, New York and Connecticut.
The term of the Fund will be five years with a preferred return hurdle of 9 to 10 percent, and a target return of 11 to 13 percent annualized net of fees and expenses. OneWall has committed $2.5 million to the fund, already has millions of dollars in soft commitments from investors, and is in discussions with three institutional investors for an additional $10-15 million.
Additionally, OneWall has already identified up to six transactions totaling more than 1,800 apartment units and representing preferred equity investment of up to $27 million.