Berkshire raises $471m for multifamily fund

Berkshire Property Advisors has raised $471.1 million for Berkshire Multifamily Value Plus Fund III, according to a filing with the SEC.

The value-added fund launched in March 2012 with a fundraising goal of $400 million to $475 million, and while the fund is near its upper limit for fundraising, the filing did not disclose whether or not this is a final close.

The fund employs a similar strategy to its predecessors, targeting multifamily properties across the United States as well as using a maximum of 25 percent of the fund for development projects. It is targeting net returns around 12 percent to 13 percent.