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Participant Capital, a real estate investment firm that manages private equity real estate vehicles, has launched its latest fund: the Participant Capital Sun Belt Multifamily Development Fund 1.

The fund has a target of raising $250 million in commitments to allocate to multifamily development projects in the Sun Belt region. The fund is a closed-end private equity real estate vehicle with an eight-year projected term. Apex Group Ltd has been appointed as the fund administrator. 

The fund will be particularly focused on the state of Florida where it is targeting low-rise multifamily projects in the rapidly growing suburbs of Orlando and Tampa, and mid/high-rise projects in Miami and other major urban centers in South Florida.

This news service spoke last year to Participant Capital about investment into Florida real estate. In that interview, the firm flagged the launch of this new fund.

"US demographics, migration, work from home trends, and rising residential costs strongly favor multifamily development in Florida," Participant Capital president Bernie Wasserman, said. "Florida's stable migration is the backdrop to its major cities experiencing some of the highest rent, job and economic growth in the country. Our latest fund will provide accredited investors with access to this growth story via investments in institutional quality multifamily development projects."