Real Estate Weekly
Image default
Deals & Dealmakers

OneWall launches $50M fund for transit workforce housing

OneWall PartnersTM (“OneWall”), 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 percent to 10 percent, and a target return of 11 percent 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.

OneWall currently owns and manages almost 3,500 units in New Jersey and Pennsylvania and has approximately 800 units under contract in New York and Pennsylvania.

(Visited 1 times, 1 visits today)

Related posts

Robotics startup takes 54,000 s/f at 1900 Broadway


SL Green signs Chelsea Piers Fitness as first tenant at One Madison


11-building Manhattan portfolio trades for $190M