Broad Creek Capital has acquired The Crossing at Palm Aire, a 315-unit Class A multifamily community in Sarasota, Florida, following the second close of its $150 million-target Multifamily Advantage Fund I.
Broad Creek acquired the property with co-sponsor Hillridge Capital, while Abod Capital Solutions participated as a co-limited partner.
The acquisition brings the fund to nearly 30% deployment toward its $150 million target.
The latest fund close was led by European family offices, while the broader investor base includes family offices and institutional investors in both Europe and the U.S.
The Crossing at Palm Aire was completed in 2023.
Broad Creek and Hillridge plan to increase the property’s performance through operational improvements, targeted capital investments and resident-focused initiatives.
Hillridge will lead property-level asset management.
The Crossing represents the second investment by Multifamily Advantage Fund I.
The first was the October 2025 off-market acquisition of The Carson, a 298-unit apartment community in Charlotte, North Carolina.
The fund is focused on value-add multifamily assets across the Southeast and broader Sun Belt, particularly markets where recent apartment supply has been absorbed and future construction pipelines are more limited.
Broad Creek anticipates another fund close in late 2026 or early 2027.
The firm manages more than $700 million across U.S. real assets, growth equity and special opportunities.
KEY QUOTES:
“Broad Creek began as a family office, and we have kept that orientation as we have grown. We invest our own capital in every transaction, and we underwrite each acquisition as owners rather than intermediaries.”
“This close, and the acquisition it funded, reflect the kind of steady, disciplined deployment we committed to our partners.”
Matthew Ruesch, Co-Founder and Managing Partner of Broad Creek Capital
“Florida remains one of the country’s strongest multifamily markets, and Sarasota continues to benefit from population and employment growth.”
“The Crossing at Palm Aire is the type of asset we look for: a high-quality community in a growing market where we can improve operations, enhance the resident experience and create long-term value.”
Adam Stifel, Head of Real Estate at Broad Creek Capital
“The Crossing at Palm Aire is an exceptional community with tremendous long-term potential. Together with Broad Creek, we’re focused on creating operational efficiencies, enhancing the resident experience and building on an already outstanding asset.”
Jonathan Cummings, Founder and Managing Partner of Hillridge Capital
