The Milwaukee-headquartered real estate investment firm F Street has launched VAM Fund 1 LLC, a platform focusing on the purchase, renovation and re-leasing of distressed multifamily properties.
The fund is initially concentrating on the acquisition of a portfolio of 518 multifamily units across 19 strategically selected properties in Chicago’s Hyde Park and South Shore neighborhoods. VAM Fund 1 LLC is the inaugural initiative in a planned series of value-add multifamily investment funds that F Street intends to roll out over the next 12 to 24 months.
In creating the fund, F Street partnered with multifamily industry veterans Shai Wolkowicki and Chikoo Patel of CKO Real Estate to help steer its operations. F Street and CKO Real Estate are committed to raising $14 million to capitalize VAM Fund 1 LLC effectively, with the sponsor group themselves investing $1 million as a testament to their confidence in the fund’s success.
The offering is limited to accredited investors, with an entry point set at a minimum investment of $50,000.
“When I started my real estate career, I focused on value-add multifamily opportunities,” said F Street founder Scott Lurie. “That was 20 years ago. Now, we’re doing it again, as the debt markets have been going crazy. We are seeing more distressed real estate, and we see great opportunities in this market to bring to our investors.”
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