New York-based Eagle Rock Advisors raised more than $200 million in the final close of its second U.S. multifamily fund, PERE News reported.
Investors in the UOB Eagle Rock Multifamily Property Fund II include UOB Global Capital, high-net-worth individuals and family offices worldwide, and a pension fund, the news outlet said, citing a spokeswoman.
The fund has a $200 million fundraising goal and a net internal rate of return target of 13%.
Eagle Rock invests in undermanaged apartment properties with at least 80 units in submarkets along Amtrak's northeast corridor from Boston to Washington, D.C. It targets deals amounting to $45 million on average, according to the report.