Real estate investment manager Bridge Investment Group, which manages nearly $44bn in assets, closed its fifth multifamily fund – Bridge Multifamily Fund V – with $2.26bn in capital, making it the largest dedicated multifamily fund ever raised.  

The fund surpassed its $2bn target and attracted capital from institutional clients and high-net-worth individuals. The fund’s strategy is to invest in value-add, Class B multifamily housing properties in markets with high growth potential and a strong economic background. 

Fund V also attracted more capital than its previous fund, Bridge Multifamily Fund IV, which closed at $1.6bn in 2018. 

“We believe the multifamily market will continue to experience positive secular macroeconomic conditions for the foreseeable future, and we are excited to deploy the capital raised in Multifamily Fund V at what we view as an attractive point in the cycle,” said Jonathan Slager, Chief Executive Officer of Bridge. 

The record multifamily fundraise for the Salt Lake City, UT-based manager beat the previous recordholder of multifamily funds – Lennar Corporation’s $2.2bn Lennar Multifamily Venture.  

In addition, the raise comes shortly after Saratoga Springs, NY Prime Group Holdings established a record $2.5bn raise focused solely on self-storage.