Admiral Capital Group has closed its second real estate fund at $123 million. Admiral Capital Real Estate Fund II will focus on multifamily and office properties. Its limited partners include the Teacher Retirement System of Texas and USAA Real Estate Company.
NEW YORK, NY–(Marketwired – Jul 24, 2017) – Admiral Capital Group, LLC (“Admiral Capital” or the “Firm”), with its partners at USAA Real Estate Company, announced the final closing of Admiral Capital Real Estate Fund II (“ACRE II” or the “Fund”), a $123 million value-add real estate fund with a mandate to invest across major property categories in the top MSAs throughout the United States, with a primary focus on multifamily and office properties. ACRE II represents a substantial growth in third-party capital over its predecessor fund, and the Fund received repeat commitments from large institutional investors that include the Teacher Retirement System of Texas and USAA Real Estate Company. Approximately 75% of Fund II’s commitments were re-ups from investors who previously invested in Fund I.
Commenting on the announcement, Admiral Capital Group co-founder David Robinson said, “We are pleased to reach this milestone with our returning and new investors and humbled by the support we’ve received from them. We are excited to expand our investment platform and continue to scale up the community initiatives we launched to support lower-income communities in the cities where Admiral invests.”
Admiral Capital co-founder Daniel Bassichis added, “Our highly-disciplined approach to selecting markets and properties has been proven out in our first fund and is continuing in ACRE II. It has been incredibly rewarding to provide strong returns to our investors, but also to make an impact in our market. We have attracted deal flow and operating partners in large part due to our social mission which creates a differentiated source of capital in a very competitive market.”
ACRE II is off to a strong start, with approximately one-third of its committed capital already invested, in four properties including:
San Tomas Plaza, a 120,000 square-foot retail property in Silicon Valley that is being repositioned
Discovery at River Bend, a 256-unit multifamily property in suburban Atlanta that is being renovated with both interior and exterior improvements
Springfield Apartments, a Durham, NC multifamily property with 288 units that is being updated and renovated
Ashley Lakes, a 240-unit multifamily property in suburban Atlanta that ACRE II is enhancing, renovating and repositioning within its submarket
The Fund is actively pursuing opportunities in value-add real estate across the United States and has a strong pipeline of properties under consideration.
About Admiral Capital Group
Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs, to invest in real estate and private equity opportunities. Admiral, in partnership with USAA Real Estate Company acquires value-add multifamily, office, retail and hospitality properties valued between $20 million and $70 million in major U.S markets nationwide. The Admiral founders have pledged 10% of their profits to philanthropic causes in areas where Admiral invests, building on Robinson’s lifetime commitment to support education and lower income communities. For more information, visit www.admiralcg.com.