Seneca Capital Partners Closes 2nd Workforce Housing Fund in 2 Years
DENVER, Sept. 23, 2019 /PRNewswire/ -- Seneca Capital Partners ("Seneca"), the parent company of Seneca Capital Management ("Seneca Capital"), today announced the closing of its second Fund, Seneca Capital Income Real Estate Fund II, LP, ("SCIRE Fund II") over-subscribed at nearly $28 million in total equity raised. With leverage, Seneca expects SCIRE Fund II to include nearly $90 million worth of assets — continuing their thesis to own "workforce housing" in major U.S. markets.
Led by Seneca's Founder and CEO, Rhett Trees, and its COO, Paul Luber, Seneca's previous vehicle, SCIRE Fund I, raised nearly $24 million in a round that closed in July 2018.
SCIRE Fund I invested in nearly 1,200 homesites spanning a half-dozen manufactured housing communities, and several of the communities are located on the outskirts of the fastest-growing cities in America including Dallas, Tampa and Houston.
Historically, Seneca has looked to buy properties that reside in hyper-growth cities in what they refer to as the SMILE states, spanning from Utah, down into the sunbelt states with a keen focus on Texas and Florida with the SMILE ending in North Carolina.
Seneca aims to own and operate clean, safe and affordable housing communities with a focus on workforce or attainable housing for hard-working residents who do not fit into the traditional path to homeownership.
ABOUT SENECA CAPITAL PARTNERS:
Seneca provides exclusive access to unique, income-producing vehicles via long-term relationships with the company principals, Rhett Trees and Paul Luber. The firm's fundamental thesis is to assemble a diversified portfolio of low-risk, high cash-flow real estate assets with the goal of delivering capital preservation, consistent quarterly cash-on-cash income paired with equity growth. Seneca seeks to achieve this objective by acquiring, then repositioning under-valued, mismanaged, sub-performing or improperly capitalized income-producing real estate assets. Seneca is proudly headquartered in Denver's RiNo neighborhood.
Disclaimer
Seneca Capital Management is registered as an investment adviser with the state of Colorado and its investment advisory representatives are licensed by the state of Colorado. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements or an applicable exemption or exclusion.
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Rhett Trees
Founder and CEO Seneca Capital Partners
SOURCE Seneca Capital Partners
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