Electra Real Estate announced an initial close of approximately $385 million for its fifth U.S. multifamily investment fund, with participation from major institutional investors. The fund is targeting a total of about $1 billion and will invest in rental housing properties in the U.S. Southeast.

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Electra Real Estate announced an initial close of about $400 million for its fifth U.S. multifamily investment fund, with participation from leading institutional investors. The fund is targeting a total fundraising amount of approximately $1 billion and will focus on rental housing investments across the United States.

The interest rate cut in the U.S., along with investors’ expectation that rates will continue to decline, has brought transactions back to the U.S. rental housing market after a dry spell that lasted from early 2023 until October 2024. Since then, Electra Real Estate has realized (sold) assets totaling $945 million.

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This is the third realization this year by the company’s second fund, which invests in multifamily properties in the U.S.; the fund purchased the Plano, Texas, multifamily complex in 2018 for $84.5 million and has now sold it for $114 million. The company recorded a cash flow of $4 million from the deal but also an accounting loss.

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The company's third fund sold four housing complexes in a deal that adds to realizations totaling $470 million in the second half of 2024. While the returns on the realizations are high for investors, the company itself recorded a loss from them.

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