Nicola Wealth raises over $100 million (USD) for its new closed-end fund to strategically acquire U.S. multi-family real estate in partnership with Venterra Realty.
Avasa Grove West
Vancouver, BC, Dec. 07, 2023 (GLOBE NEWSWIRE) — Nicola Wealth, one of Canada’s Fastest Growing Private Investment Counsel Firms, is pleased to announce the successful raise of over $100 million (USD) for the Nicola U.S. Multi Family Limited Partnership (the “Fund”). The firm identified this opportunity focusing solely on acquiring U.S. multi-family real estate assets in select U.S. markets, in collaboration with Venterra Realty (“Venterra”).
While Nicola Wealth has traditionally offered evergreen, open-ended funds, the firm recognizes the opportunity for a closed-end fund structure. Following the success of this initial raise, the Nicola Wealth Real Estate team is already planning the next iteration of a closed-end fund that will focus on Canadian opportunities with a target launch in Q1 2024.
The Fund has been strategically designed to capitalize on the current market dynamics, particularly in the U.S. multi-family property sector. With merchant developers and property owners seeking liquidity due to over-leverage and higher interest rates, Nicola Wealth and Venterra have identified a window of opportunity. The Fund will strategically acquire multi-family assets in a capital-constrained environment.
“We are pleased with the result of this initial raise and how quickly it closed,” says Alex Messina, Vice President of Acquisitions at Nicola Wealth Real Estate. “Considering the current environment, this is an exceptional result. This speaks to the track record of success we have enjoyed acquiring multi-family assets in the U.S. with Venterra over the last 15 years.”
“The first assets seeding the fund are brand-new, top-tier assets that are still in their original lease-up phase,” explains Mark Hannah, Managing Director of Nicola Wealth Real Estate. “These assets have been acquired from merchant developers at attractive pricing that represents a significant discount to replacement cost and will benefit from Venterra’s hands-on approach to management.”
Nicola Wealth is partnered with Venterra, a trusted and longstanding collaborator. Venterra, a well-capitalized, privately held company, specializes in the acquisition, construction, and operation of high-quality apartment real estate in select U.S. cities. Nicola Wealth has a long track record with Venterra, with over 100 property investments since 2007. Venterra brings operational expertise through its vertically integrated structure which includes deal originators in the key markets of focus.
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth Management Ltd. (Nicola Wealth), a premier Canadian financial planning and investment firm with over $14.4 billion (CAD) of assets under management. NWRE has an experienced and innovative team that sources and asset manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail and seniors housing. The Nicola Wealth Real Estate portfolio now exceeds $10 billion in gross asset value. For more information, please visit realestate.nicolawealth.com
About Venterra Realty
Founded in 2001, Venterra Realty is a well-capitalized, privately held, real estate investment company that owns and manages approximately 80+ communities and more than 25,000 apartment units across 19 major US cities. The organization has completed approximately $9.0 billion in real estate transactions and currently manages a portfolio of multi-family real estate assets valued at more than $5.0 billion. Venterra’s proven combination of leading technology and hands-on operating excellence to manage the assets, has resulted in an industry leading customer experience, with consequent steady quarterly yield, accompanied by high alpha, low beta returns to its investors.
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- Avasa Grove West
CONTACT: Victoria Emslie Nicola Wealth 604-484-1286 [email protected]
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