Launch venture capital fund with $108 million in the bank
By Ben Lane | Housingwire
Some of the multifamily industry’s largest operators are joining together to launch a massive push to invest in real estate technology.
Five major multifamily real estate investment trusts, Aimco, Boardwalk, Essex Property Trust, MAA, and UDR, are partnering with private owners Starwood Capital Group, Cortland, and GID to invest more than $100 million in a venture capital fund organized by Real Estate Technology Ventures, an early stage venture capital firm.
The companies have invested $108 million in the fund, Real Estate Technology Ventures I, which will be used to invest in “disruptive real estate technology companies” in the multifamily industry.
According to the companies, the group of investors is the largest single group of institutional multifamily owners of its kind in North America, with the companies combining to own or manage nearly one million rental units.