Broad Creek Capital acquired The Crossing at Palm Aire, a 315-unit apartment community in Sarasota, Florida, through its Multifamily Advantage Fund I. The Washington-based firm bought the property alongside co-sponsor Hillridge Capital, with Abod Capital Solutions investing as a co-limited partner in the joint venture.
The acquisition brings the fund to nearly 30 percent deployed toward its $150 million target. The purchase follows a second close led by European family offices. The fund's overall investor base spans family offices and institutional investors in the United States and Europe.
Completed in 2023, The Crossing at Palm Aire is a Class A property in one of Florida's fastest-growing markets. The partnership plans to enhance performance through operational improvements, targeted capital investments and resident-focused initiatives, with Hillridge Capital leading property-level asset management.
The fund targets value-add multifamily investments across the Southeast and broader Sun Belt, concentrating on markets where the supply wave has already broken. Broad Creek seeks markets that have absorbed recent deliveries, continue to grow, and face limited new competition ahead.
The Crossing is the second transaction Broad Creek and Hillridge have completed together, following The Carson in Charlotte. The Crossing at Palm Aire is the fund's second investment overall. It follows the off-market acquisition of The Carson, a 298-unit community in Charlotte, North Carolina, in October 2025.
Broad Creek began as a family office and has kept that orientation as it has grown, the firm said. The company invests its own capital in every transaction and underwrites each acquisition as owners rather than intermediaries.
"We invest our own capital in every transaction, and we underwrite each acquisition as owners rather than intermediaries," said Matthew Ruesch, co-founder and managing partner of Broad Creek Capital. "This close, and the acquisition it funded, reflect the kind of steady, disciplined deployment we committed to our partners."
"Florida remains one of the country's strongest multifamily markets, and Sarasota continues to benefit from population and employment growth," said Adam Stifel, head of real estate at Broad Creek Capital. "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."
Broad Creek anticipates an additional fund close in late 2026 or early 2027 as it continues deploying capital across the Sun Belt. The announcement follows the firm's recent acquisition of the 194,000-square-foot office property at 1667 K Street NW in Washington, D.C., through its joint venture with Garfield Investments.
Broad Creek Capital is a private markets investment firm with offices in Washington, D.C. and Zurich. The firm invests across three strategies: U.S. real assets, anchored by value-add multifamily; growth equity; and special opportunities. Broad Creek manages more than $700 million in assets.