Broad Creek Capital has acquired The Crossing at Palm Aire, a 315-unit Class A multifamily community in Sarasota, Florida, alongside co-sponsor Hillridge Capital. The transaction follows the second close of Broad Creek’s Multifamily Advantage Fund I, which is approaching 30% deployment against its $150 million fundraising target.
Key takeaways
The acquisition represents the fund’s latest investment in a high-growth Sun Belt market and adds a European-led capital milestone to Broad Creek’s fundraising effort.
- The Crossing at Palm Aire contains 315 multifamily units.
- Broad Creek purchased the property with Hillridge Capital.
- Abod Capital Solutions invested as a co-limited partner in the joint venture.
- Multifamily Advantage Fund I is nearly 30% deployed toward its $150 million goal.
- The fund’s investors include family offices and institutions in the United States and Europe.
Deal expands fund deployment
Broad Creek Capital’s acquisition of The Crossing at Palm Aire brings Multifamily Advantage Fund I closer to its investment objectives. The fund is targeting $150 million and is now nearly 30% deployed following the Sarasota transaction.
The second close was led by European family offices, while the broader investor base includes both family offices and institutional investors from the United States and Europe. The fundraising progress gives Broad Creek additional capital to pursue multifamily opportunities as the fund continues its investment program.
Partnership structure
The Sarasota acquisition was completed through a joint venture involving Broad Creek Capital and Hillridge Capital. Abod Capital Solutions participated as a co-limited partner, adding another investment partner to the transaction’s ownership structure.
The arrangement reflects Broad Creek’s use of co-sponsors and strategic capital partners to execute acquisitions in the multifamily sector. Financial terms of the transaction were not disclosed.
Focus on Sun Belt multifamily assets
The Crossing at Palm Aire is a Class A community in Sarasota, a market located within the broader Sun Belt region that Broad Creek has identified as a priority for investment. The firm’s strategy centers on acquiring high-quality multifamily communities in markets with strong growth characteristics.
Broad Creek also expects operational improvements at its properties to support long-term value creation. The Sarasota acquisition therefore combines the fund’s geographic focus with its stated preference for assets where management and operational initiatives can enhance performance.
What the acquisition signals
The transaction marks an important step for Broad Creek’s Multifamily Advantage Fund I as it builds a portfolio and progresses toward its capital target. It also suggests continued investor interest in the firm’s approach to U.S. real estate, particularly among family offices and institutional investors seeking exposure to multifamily housing in growth-oriented markets.
With nearly one-third of the fund deployed, Broad Creek is positioned to continue evaluating additional acquisitions while building on its presence in Sun Belt multifamily real estate.
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