Banner Real Estate Targets $200M for Sixth Multifamily RE Fund

Banner Real Estate Group is aiming to raise $200M for its sixth fund focused on multifamily property developments.

The Chicago-based property management company is selling class A and B shares of the Banner Apartments Fund VI, according to separate January 2 filings with the SEC. Banner secured the assistance of 303 Alternatives for marketing the fund across the US, with $2M earmarked for sales commissions.

For the predecessor fifth iteration of its value-added property fund, the group targeted $100M. Banner Real Estate acquires, manages and develops multifamily, self storage and senior living properties in the US. According to its website, it holds 80 properties across 21 markets with a collective valuation of $2.3B.