ConAm closes $120m debut fund

The company has been marketing the value-add multifamily fund since December 2013.

The ConAm Group has closed its first fund with $120 million in commitments, the firm said Tuesday.

The San Diego-based real estate investment firm launched the fund in December 2013. ConAm raised the capital for the ConAm Multifamily Acquisition Fund from high net worth individuals and family offices. The firm had a $100 million target for the vehicle, said Rob Singh, ConAm’s president and chief investment officer.

“ConAm has done several institutional joint ventures and one-off private syndications,” Singh told PERE. “A fund structure was a more efficient vehicle for our value-add acquisitions.”

Last year, the firm has invested about 55 percent of the capital from the fund in five multifamily properties. The portfolio totals about 1,300 apartment units spanning from Seattle to Phoenix, Arizona, according to a statement from the firm.

ConAm’s most recent purchase from the fund was the November acquisition of Greens, a 324-unit building in the Phoenix suburbs, for $46.2 million.

The firm, founded in 1975, oversees a portfolio of more than 50,000 apartments in major metropolitan areas in 12 states.