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Sequoia Real Estate Launches Second Single-Family PE Fund

November 7, 2012
Sequoia Real Estate Partners launched Pacific Value Opportunities Fund II, which will acquire, renovate, manage and dispose of single-family houses and apartment communities in California.

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PVOF II will target residential properties of one to four units that are underpriced and/or capable of being renovated or otherwise improved to substantially increase value, resulting in higher disposition prices and strong fund profits.

Sequoia's founding and managing partners, Eric Sussman, Bruce Bartlett and Tim Gresham, will invest significant capital in PVOF II. Sequoia intends to take advantage of investment opportunities unavailable to buyers requiring debt financing on each acquisition.

Sussman expects because PVOF II is relatively moderate in scale at only $10 million it will quickly be fully subscribed.

"All funds will be deployed into projects within 12 months of the fund's closing" because "there is a current supply and demand imbalance in the single-family market for turn-key, move-in ready homes," Sussman said.

Sequoia's Pacific Value Opportunities Fund I (PVOF I) has begun to liquidate its mix of value-added (improved) investments in both apartments and single-family homes. Based on properties already sold or in escrow and valuations from independent sources, PVOF I, (which was started in 2010) is on track to generate annual fund returns on equity in excess of 20%.

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