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Wingspan Closes Fund to Expand Multifamily Development
Wingspan Development Group has closed its WDG GP Fund to further expand its successful multifamily development business. The WDG GP Fund, which drew a positive response from family offices and individuals, anticipates a 15% to 20%-plus annual return over five years.
The $11.7-million fund will participate in the equity of three projects, including Niche at North Hyde Park near the University of Tampa, HUB13 in Oak Creek, WI, and The Ruby at Brookfield Square in Brookfield, WI. The fund expects to deploy all its capital into these projects over the next 30 to 60 days.
“We see a lot of runway for the multifamily sector and believe we have the right product and approach for our target markets,” said Todd Younger, fund and investor relations manager for Mt. Prospect, IL-based Wingspan. “The positive response to this fund confirms that individual investors want this asset class in their portfolios.”
- ◦Development
- ◦Financing
