3SC Capital Partners Closes Debut Multifamily Property Investment Fund
LOS ANGELES, April 8, 2014-- 3SC Capital Partners, LLC, an investment firm specializing in value-added multifamily real estate in Southern California, has closed its debut investment vehicle with $1.25 million in equity commitments.
The investment vehicle, with $3.5 million in buying power, is structured as a discretionary single-asset fund. The capital raised for 3SC Capital Partners Fund I exceeded its $1 million target, according to 3SC Co-Founder and Co-Managing Partner Jon Snow. "We are thrilled to partner with our investors in seeking out targeted opportunities initially in the Greater Los Angeles apartment market," said Snow. "The sub-institutional multifamily market in Southern California continues to see strong fundamentals and with the right strategy and execution we believe we can deliver attractive returns to our partners in this and follow-on funds."
"We continue to see investment opportunities with a large spread between going-in cap rates and borrowing rates," said Will Vogt, Co-Founder and Co-Managing Partner of 3SC. "With the right execution, these factors along with the longer-term income growth potential from renovations and operational improvements can produce attractive returns."
Fund I will acquire a property priced between $2 and $3 million, with a primary focus on Class B and C properties that are often outside the investment parameters of larger institutional investors. 3SC will apply institutional-quality value-add strategies to its multifamily properties, ranging from improvements to heavily distressed properties as well as apartment complexes in need of purely cosmetic rehabilitations.
About 3SC Capital Partners
3SC, based in Los Angeles, is a commercial real estate investment firm specializing in value-added and opportunistic multifamily investments. The firm was founded in 2013 by commercial real estate professionals Jon Snow and Will Vogt. Snow brings over a decade of experience in multifamily acquisition, asset management and property management to 3SC. Vogt brings 10+ years of experience in commercial real estate project management and construction management to the firm. For more information visit www.3SCCP.com or contact Jon Snow at Jon@3SCCP.com and Will Vogt at Will@3SCCP.com.
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