Global real estate private equity firm ACRE has secured a $300 million capital commitment from StepStone Group as part of a new strategic partnership.
ACRE said the commitment from StepStone is broad-based and underpinned by a recapitalization of a 1500-unit portfolio from its previous funds; a joint venture focused on development opportunities in high-growth markets; and a primary fund investment.
”Overall, the vehicle will invest in multifamily opportunities across the risk spectrum, including value-add acquisitions, lease-up and ground-up development across the Sun Belt, Midwest and Texas,” the firm said.
“Securing a commitment from StepStone marks a tremendous achievement for ACRE and our latest fund, as we continue to add many of the investment world’s most significant players to our growing list of partners,” said ACRE Managing Partner Michael Van Der Poel. “In an increasingly crowded multifamily market, attracting one of the world’s largest and most accomplished institutional allocators is a testament to the power of our offering and our track record of generating value across market cycles.”
“We are excited to engage in this partnership with a top-tier, vertically integrated apartment manager in ACRE,” said Alex Abrams, Managing Director, StepStone Real Estate. “This investment with ACRE is a strong fit with our strategy of recapitalizing best-in-class real estate platforms that own high-quality assets, and providing additional capital to help them expand,” he added.