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IMT Capital Raises $820 Million for Fifth Multifamily Fund

Los Angeles Investment Firm's Latest Fund is its Biggest Yet
August 8, 2018
IMT Gallery 421 at 421 W Broadway in Long Beach, California.

If IMT Capital's latest multifamily investment fund is any indication, investors are as eager to buy more apartment properties than ever.

The Los Angeles-based private real estate investment and management company announced it raised $820 million for its fifth real estate investment fund, its biggest fund to date, and plans to acquire multifamily properties in several major U.S. markets.

Cory Thabit, senior managing director, told CoStar News that IMT raised money for Fund V primarily from endowments and foundations, and that the fund will have a 10-year life with plans to deploy the capital over the next three years.

IMT plans to follow a strategy of buying apartment properties at a discount to replacement cost and adding value by making physical improvements or instituting more efficient day-to-day management systems. Following a hold period, exit strategies for the repositioned multifamily assets include selling to institutional buyers, local and regional investors or high net worth individuals.

IMT's exit strategy was evident last summer, when it sold a portfolio of 11 apartment properties totaling 4,487 units to affiliates of Blackstone Group for $790.5 million.

IMT's latest fund surpassed the $630 million it raised for the fourth fund. Fund IV purchased 12 multifamily properties totaling 4,934 units.

Fund IV's most recent purchase occurred last month when it acquired Gallery 421 in Long Beach, California. IMT paid $124.3 million for the 291-unit complex.

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