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IMT Capital closes real estate fund on $350m

Los Angeles-based firm IMT Capital has held a final close on $350m for its real estate private equity fund.

Private equity real estate firm IMT Capital announced it has closed the IMT Capital Fund, a property vehicle with more than $350 million (€255 million) in capital. The fund will target undervalued multi-family properties in the US.

“We have enjoyed success in finding terrific partners to execute a proven strategy of buying undervalued and underperforming multi-family residential assets,” Michael Browne, co-founder of IMT Capital, said in a statement. “We believe that the IMT Capital Fund can add value to the investment process and deliver exceptional risk-adjusted returns.”

IMT Capital, based in Los Angeles, invests in the multi-family sector in the US, focusing on markets in California, Arizona, Texas and Florida.

The firm was founded in 1992 by managing directors Browne, John Tesoriero, Bryan Scher and Cory Thabit. Since its inception, the firm has made investments totaling more than $1.4 billion in value.