Bridge Investment Group Partners is back on the fundraising trail just three months after closing a multifamily and office fund on $1.1 billion.
The Salt Lake City, Utah-based real estate investment manager announced last week that it had created a new initiative to buy about $2 billion worth of independent living, assisted living and memory care facilities across the US.
The firm declined to comment, but Bridge officially launched ROC Seniors Housing & Medical Properties Fund II in August with a $750 million target, according to a filing with the US Securities and Exchange Commission.
“We continue to source attractive value-add opportunities in the fragmented seniors housing sector that fit well with our strategy of modernization, technological updating and the implementation of state of the art, caring service and accommodation for our growing US senior citizen population,” Phil Anderson, the platform’s chief investment officer, said in a statement. The strategy centers on finding opportunities to increase net operating income, he said.
Bridge closed the predecessor vehicle in the senior housing fund series in July 2015 on $735 million, far surpassing its initial $450 million target for the fund, PERE previously reported. That vehicle, launched in November 2013, was the real estate investment manager's first offering dedicated to the niche strategies of US senior housing and medical properties.
Meanwhile, the firm closed Real Estate Opportunity Capital (ROC) Multifamily and Office Fund III, its latest offering in its multifamily and commercial office fund series, in July on $1.1 billion, PERE reported. Bridge launched the vehicle in December 2014 with a $750 million target.
The firm manages about $6.7 billion, according to its website.