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Milhaus, an Indianapolis-based owner and developer that specializes in urban infill and suburban multifamily residential buildings, secured $245M in new capital from FrontRange Capital Partners, StepStone Group Real Estate L.P. and a group of internal investors.
The investments will allow the company to reach a goal of 20,000 units in 10 markets by 2020, it said. Milhaus has developed over 3,800 units and manages over 7,400.
Moreover, the infusion of cash will allow Milhaus to retain ownership and control of its assets for the long term, the company said, including such assets as Artistry in Indianapolis, Lift in Oklahoma City and Highland Row in Memphis.
“We believe this new capital will empower Milhaus in a number of ways," Milhaus CEO Tadd Miller said. "It will help to solidify our goal since inception, [which is] to build and own a portfolio of hard-to-assemble, hard-to-replace assets in the secondary markets throughout the Midwest and Southeast."
Headquartered in Denver, FrontRange is a real estate private equity firm led by David Robertson and Lance Graber, who formed the firm in 2010 in partnership with the Pritzker Group.
SRE is a part of StepStone Group L.P., a global private markets firm that oversees about $120B of private capital allocations, including $32B of assets under management.
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