Key Takeaways
- • Broad Creek Capital and co-sponsor Hillridge Capital acquired The Crossing at Palm Aire, a 315-unit Class A multifamily property in Sarasota, Florida, for $67 million.
- • The acquisition represents nearly 30% deployment of Broad Creek's Multifamily Advantage Fund I toward its $150 million fundraising target, following a second close led by European family offices.
- • The property, completed in 2023, is located in one of Florida's fastest-growing markets and represents the firm's disciplined strategy of acquiring high-quality multifamily assets in high-growth Sun Belt submarkets for value-add repositioning.
- • Abod Capital Solutions is investing as a co-limited partner in the joint venture; Broad Creek's investor base spans family offices and institutional investors across the United States and Europe.
Summary
Broad Creek Capital, a Washington, D.C.-based private markets investment firm, announced the acquisition of The Crossing at Palm Aire, a 315-unit Class A multifamily community in Sarasota, Florida, alongside co-sponsor Hillridge Capital. The deal, valued at $67 million, was completed following the successful second close of Broad Creek's Multifamily Advantage Fund I, bringing the fund to approximately 30% deployment toward its $150 million target.
The property, a recently built Class A apartment community completed in 2023, is positioned in one of Florida's fastest-growing markets. The acquisition aligns with Broad Creek's core investment thesis of acquiring underperforming or undervalued multifamily assets in high-growth Sun Belt markets where operational improvements and strategic repositioning can drive long-term value creation. Abod Capital Solutions is participating in the joint venture as a co-limited partner.
Matthew Ruesch, Co-Founder and Managing Partner of Broad Creek Capital, emphasized the firm's owner-oriented approach and disciplined capital deployment strategy. "Broad Creek began as a family office, and we have kept that orientation as we have grown. We invest our own capital in every transaction, and we underwrite each acquisition as owners rather than intermediaries," Ruesch stated. The second close of the Multifamily Advantage Fund I was led by European family offices, broadening the fund's investor base to include family offices and institutional investors from both the United States and Europe. This milestone reflects sustained investor confidence in Broad Creek's disciplined approach to multifamily real estate acquisition and value creation in the Sun Belt region.
The property, a recently built Class A apartment community completed in 2023, is positioned in one of Florida's fastest-growing markets. The acquisition aligns with Broad Creek's core investment thesis of acquiring underperforming or undervalued multifamily assets in high-growth Sun Belt markets where operational improvements and strategic repositioning can drive long-term value creation. Abod Capital Solutions is participating in the joint venture as a co-limited partner.
Matthew Ruesch, Co-Founder and Managing Partner of Broad Creek Capital, emphasized the firm's owner-oriented approach and disciplined capital deployment strategy. "Broad Creek began as a family office, and we have kept that orientation as we have grown. We invest our own capital in every transaction, and we underwrite each acquisition as owners rather than intermediaries," Ruesch stated. The second close of the Multifamily Advantage Fund I was led by European family offices, broadening the fund's investor base to include family offices and institutional investors from both the United States and Europe. This milestone reflects sustained investor confidence in Broad Creek's disciplined approach to multifamily real estate acquisition and value creation in the Sun Belt region.
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