Three Pillars Capital has secured $300 million in new capital commitments that it will use in part to invest in distress multifamily.
The funding, all of which was secured over the last 12 months, represents commitments from a network of family offices in the US & Middle East along with ultra-high net worth investors from Texas, California and New York.
In deploying the capital, Three Pillars will continue its focus on value-add acquisition of Class B and C multifamily properties, with a new focus on distressed assets. It will fuel the acquisition of up to $1 billion in assets across Three Pillars’ current markets in Texas and Oklahoma, but also in fast-growing markets such as Arizona, Florida, Georgia and the Carolinas.
Since its founding in late 2017, Three Pillars has amassed a portfolio of more than $500 million in assets under management, spanning more than 3,000 units across Texas and Oklahoma. The firm also maintains a separate property management arm, Greenline Apartment Management, in order to streamline operations at its properties and generate additional long-term value.