AION Partners, a leading national real estate owner and operator of workforce multifamily housing, announced today the final closing of AION Value Add II LP (the “Fund”). The Fund will focus on creating value by investing in under-capitalized and under-managed multifamily properties across the Eastern half of the United States.
The Fund reached its hard cap of $225 million in total commitments, along with a parallel vehicle investment of $50 million over a sixteen-month fundraising period and was oversubscribed. In addition, the Fund is now fully allocated across 26 assets, totaling over $1,700,000,000 of real estate. AION Value Add II LP is AION’s second discretionary fund vehicle and follows an over ten-year track record of delivering superior, risk-adjusted returns to its investor group.
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“AION launched the Fund in November 2020 in the midst of the COVID-19 pandemic. There was significant uncertainty in the economy and capital markets. However, we remained confident that workforce housing would be an even more essential part of life moving forward. With that confidence in mind, we launched the Fund with a fundraising target of $100,000,000” said Michael Betancourt, co-founder and managing partner of AION Partners. “We are thrilled to announce that we far exceeded our goal as a result of strong investor demand, favorable market conditions, and a robust pipeline of investment opportunities. The general macro themes that we have experienced thus far this year—single family home inflation, increased household formation, rising interest rates, and undersupply of apartments—all point towards continued demand for workforce housing apartments.”
AION Partners is a vertically integrated real estate platform that invests in workforce multifamily housing properties throughout the Mid-Atlantic and Mid-West. Since 2011 AION has acquired over 29,000 units representing total capitalization of over $3,900,000,000 with deployed investor equity of $1,300,000,000. Of that AION has sold 10,649 units with realized returns of a gross IRR of 29.0% gross equity multiple of 2.38x and annual current yields generally between 6-8%. AION differentiates itself by leveraging strong long-term relationships, industry partnerships, a vast rolodex of contacts, and a sterling reputation. AION is often the beneficiary of “first look” and off-market opportunities within its core markets which allows them to capitalize on a wide range of investment opportunities.
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