Covenant Capital Group said it has wrapped up the fund-raising for its latest investment entity, Covenant Apartment Fund VII.
The closing brings to $236 million the capital committed by institutions and high-net-worth individuals. The fund will look to put that money to use by buying more apartment communities around the region.
"We are very pleased to have received this vote of confidence from both existing and new investors," said Govan White, managing partner and co-founder of 12-year-old Covenant Capital. "We believe the fund presents an attractive opportunity for investors to capitalize on compelling apartment investment opportunities in the current economic environment."
Since 2011, Covenant has raised more than $725 million of equity capital. The firm now manages properties across the Southeast and Mid-Atlantic that have about 19,500 units. It is home to a staff of 14.