JPMorgan Targets $700 Million for Residential-Development Fund
- Vehicle to fund construction of Sun Belt rental properties
- Cities include Atlanta, Austin, Dallas, Nashville, Raleigh
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JPMorgan Chase & Co.’s asset-management arm is seeking $700 million for a residential-development fund focused on U.S. Sun Belt states as the pandemic accelerates migration to the region.
JPMorgan is courting investors that are potentially over-allocated to key gateway cities such as New York and San Francisco as well as property types including office and retail, according to an investor presentation reviewed by Bloomberg. The vehicle will seek to deliver an annual return of 13% to 15% after fees by developing single-family and multifamily rental homes in cities such as Atlanta; Austin, Texas; Charlotte and Raleigh, North Carolina; and Houston.