Trilogy Real Estate Group has closed its fifth multifamily fund, exceeding its original fundraising goal. Trilogy Multifamily Fund V, which raised upwards of $100 million, will deploy capital towards the completion of three properties being constructed in the Upper Midwest.
Two of the Class A multifamily developments are located in Minnesota, while one is in Michigan. All of the properties offer one-, two- and three-bedroom units and common amenities ranging from bocce ball and pickleball courts to coworking spaces and speakeasy-style lounges.
Trilogy expects to complete the 408-unit Rivertown Commons in Grandville, Mich., in September 2023 and The Aurilla, a 171-unit community in Cottage Grove, Minn., in August 2023. The company has already opened The Lodge, a 237-unit community in Rochester, Minn., is in the process of leasing the community.
Jesse Karasik, chief investment officer at Trilogy, said in prepared remarks that the firm seeks out underutilized land in markets with the most durable renter demand and limited new supply.
Fifth fund finalized
While Trilogy’s most recent fund will invest in these communities, its previous fund was aimed at acquiring communities in markets including Columbus, Ohio, and Ann Arbor, Mich. Prior to Trilogy’s fifth multifamily fund, the firm raised more than $85 million for Trilogy Multifamily Fund IV, exceeding the original goal of $75 million.
The Chicago-based firm focuses on acquiring, developing and managing properties across the Midwestern and southeastern U.S. Since its founding in 2002, Trilogy has invested in real estate assets valued in excess of $4.5 billion. Its growing portfolio includes The Mirada in Lewis Center, a 256-unit Class A community in Columbus, Ohio, which was acquired in September 2020. More recently, in July 2021, Trilogy acquired Park 205, a 115-unit luxury apartment community in the Park Ridge, Ill., suburb of Chicago.
