CREC Real Estate Closes Second Multifamily Fund at $80 Million

COLUMBUS, Ohio, March 14, 2022 /PRNewswire/ -- CREC Real Estate LLC ("CREC"), a private equity real estate investment firm, announced that it closed its second real estate fund, CREC Real Estate Fund II L.P., with $80 million in investor commitments.

CREC Real Estate Fund II L.P has a value-add focus within multi-family real estate investment. CREC's investors include institutions, family offices and high net worth investors.

As the fund manager, CREC is focused on acquiring value-add multifamily properties in dynamic and fast-growing secondary markets throughout the U.S. CREC targets properties where job and population growth have led to an undersupply of housing. The fund will continue to pursue a value-add investment thesis, increasing asset values through management efficiencies, unit interior renovations, remediation of deferred maintenance, and improvements to the amenity package. With CREC's approach, the end result is an improved apartment community with the interior finishes and amenities that modern renters desire.

Aaron Dixon, President of CREC, said, "CREC is delighted by the reaction from our loyal base of investors. We have attracted the support of many sophisticated investors who believe in our team, have conviction in the investment strategy, and who appreciate the operational excellence of our experienced professionals. We will continue to exercise discipline every day to source the highest quality multi-family real estate for our fund investors and bring each asset to its fullest potential."

CREC's Founder and Chairman, Jeff Coopersmith, commented, "As we closed our 54^th real estate investment during our 20th year as a sponsor, I appreciate the confidence and continued investment of our limited partners. After these past two years of significant challenges across the economy, I believe we will continue to find significant opportunities for CREC to source additional investments and improve the value of those assets through value-add renovations coupled with sophisticated property management."

The fund has invested in value-add multifamily acquisitions in the following MSAs: Tucson, AZ; Atlanta, GA; Cincinnati, OH; Hilton Head Island, SC; Charlotte, NC; Seattle, WA; and Phoenix, AZ. Two additional acquisitions are in contract in Dallas, TX and Charleston, SC. CREC anticipates making four additional acquisitions throughout 2022.

About CREC
CREC Real Estate, LLC (CREC) is a private equity real estate investment firm. Based in Columbus, Ohio, the firm sponsors real estate investments through its private fund and private placement offerings and has more than $1.2 billion of real estate assets under management. Employing a value-add strategy, the firm specializes in multifamily investment in secondary cities throughout the United States. Since CREC's inception in 2001, it has closed on 54 investments across 18 states.

Contact
Caroline Luz
Lambert & Co.
203-656-2829
[email protected]

SOURCE CREC Real Estate, LLC