Private equity real estate firm Apollo Real Estate Advisors has held a final closing on $758 million (€482 million) for its Apollo Value Enhancement Fund VII. The firm’s Value Enhancement Fund VI closed in November 2006 with $276 million in equity.
Apollo Value Enhancement Fund VII will invest across property sectors, with a focus on value-add investments in the US. Apollo partner Steven Wolf will oversee the firm’s Value Enhancement Funds, which have raised a total of $2.7 billion in capital.
Fund VII recently purchased the 20-story Hilton Dallas Lincoln Centre in Texas for $72 million. The 500-room hotel is located close to Dallas Fort Worth airport in North Dallas. Other investments include 500 1st Street N.W. in Washington DC, a 129,000-square foot office building, close to Union Station and the US Capitol.
New York-based Apollo also held a first close in May on a $525 million value-add fund targeting “sub-markets” in the US. The Apollo Domestic Emerging Markets Fund is headed by Apollo partner James Simmons, who joined Apollo in 2003 to develop the firm’s domestic emerging markets platform.