Western National Property Management, the multifamily management arm of California-based Western National Group, has held an initial close on its Western National Realty Fund II (Fund II), the firm’s second private equity fund, with more than $200 million (€132 million) in equity commitments, according to a press report. Investors in the fund include pension funds, life insurance companies, investment banks and high-net-worth investors.
Fund II will focus on acquisitions and development projects in the multifamily residential sector. The vehicle has already acquired a site for ground-up development in the Warner Center-area of Woodland Hills, California. The development will include a four-story, 195-unit apartment complex wrapped around a five-and-a-half-story parking structure.
Western National chief executive Michael Hayde said in the report he expects Fund II to have a final close in 2008 with at least $300 million of equity commitments. Its first fund closed in 2005 on $50 million.