NOW Closed – Now closed to investment.
Fund facts
Spire Capital Pty Ltd (“Spire”) continues to have high conviction in US Multifamily real estate as a resilient source of absolute returns, with low correlation to traditional asset classes. Spire Bridge Multifamily Fund V (‘SBMFV’) provides an opportunity to capitalise on the continuing thematic of increasing demand in Class B US multifamily housing, driven by an existing undersupply of housing, an ageing population, embedded student debt and the economic flexibility that renting provides. By partnering with Bridge Investment Group (“Bridge”), Spire seeks to leverage upon the strong historical performance and streamlined ‘value add’ strategy in order to provide attractive returns with a low risk profile.
As the USA progresses through the COVID-19 crisis, Class B multifamily apartments have experienced higher and more stable occupancy rates than their Class A counterparts, driven by the affordability factor. Given this, and resultant of the success of Bridge’s predecessor multifamily funds, Spire returns to partner with Bridge to leverage from their deep industry experience and expertise, value-add strategy and in house synergies to best capture the emerging and enduring trends in the US multifamily space.
The Spire Bridge Multifamily Fund V (“the Fund”) serves as an Australian unlisted unit trust that feeds into the Bridge
Multifamily Fund V (“the Underlying Fund” or “Fund V”). The Investment Manager for the Underlying Fund is Bridge
Multifamily V GP LLC, an affiliate of Bridge Investment Group LLC. The Key Target Metrics are as follows:
- 12-14% Net IRR
- 1.8x Net Equity Multiple
- Term of 10 Years from the Initial Closing
Ordinary Units
| Performance as at 30 September 2024 | Net Returns* |
|---|---|
| 3 months | -0.77% |
| 1 year | -13.34% |
| Since inception** | -13.64% |
*Past performance is not an indicator of future performance. Performance table is based on the aggregated total application amount and units issued during the capital raising period and includes Unit Price growth from commencement of NAV based unit pricing following completion of capital raising in September 2020. Unit Price and performance do not include the value of Foreign Income Tax Offsets (FITOs) which have been distributed in addition to cash. Returns stated above assume distributions are re-invested and hence may differ to actual returns for individual investors.
**Performance Since Inception – 31 March 2023. Inception date occurred from the commencement of NAV based unit pricing, following the completion of capital raising in January 2023. Please note, each investor’s performance numbers are calculated on an individual basis from their time of application and may differ from the above. “IRR” is the annualised Internal Rate of Return since inception. The IRR is the annualised rate of return that equates the amount and timing of irregular cashflows since inception with the period end value.
| Date | Unit Price | Net Monthly Returns* |
|---|---|---|
| 30 September 2024 | 0.6051 | -0.77% |
| Period | Distribution Amount (Cents per unit) | Ex Price |
|---|---|---|
| 30 June 2024 | Nil CPU Cash, 0.0626 FITOs | $ |
| 30 June 2023 | Nil CPU Cash, 0.0205 FITOs | $ |