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NOW Closed – Now closed to investment.

Fund facts

Investor Type
Wholesale investors only
Asset Class
Global Real Estate
US Dollars
IM Date
April 11, 2019
Term Sheet Date
May 15, 2020
Suggested Investment Period
5-7 years
Biannually as at 30 June and 31 December
N/A - The Fund is closed ended
Closed to new investment
Wrap Access
Investment Partner

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. The Spire Multifamily Value Fund I (USD) First Close (“the Fund”) seeks to deliver steady returns and strong asset growth from US multifamily assets while maintaining a moderate risk profile.

The Fund was established in May 2020 and serves as a USD denominated Australian unlisted unit trust that feeds into the First Close of the Cortland Enhanced Value Fund V LP (“the Underlying Fund”). The Series has been created to provide Spire clients with the opportunity to invest in the First Close of the Underlying Fund (First Close), and thereby participate in the fee concession available to First Close investors (as per terms summarised on Page 3). The Fund will progressively call capital in line with the requirements of the Underlying Fund and operating expenses of the Fund.

The Investment Manager for the Underlying Fund is Cortland Partners LLC (“Cortland”). Headquartered in Atlanta, GA, Cortland is a vertically integrated operating platform with over 1,800 dedicated employees across eight offices in the United States, London, and Shanghai. Cortland is a high-quality investment manager who serves an institutional clientele. The firm has extensive expertise and experience in the acquisition, development, asset management and property management of multifamily properties. Founded in 2005, Cortland specializes in high-growth US cities and suburban sub-markets located in the South-East and South-West United States. The firm manages a portfolio comprised of over 60,000 units and USD 12.1bn in Gross Real Estate Asset Value (as at Q3 2020).

Since the mid-2000s, single-family homeownership rates have declined, with an acceleration of this trend starting with the sub-prime mortgage crisis in the summer of 2007. While the homeownership level has stabilised in recent years, it remains subdued by pre-recession standards. Cortland believes several key factors have and will continue to contribute to an increase in demand for multifamily rental property including:

  • Favorable trends in the form of an aging millennial population and pent-up demand for housing.
  • Growing student debt making homeownership more challenging for many college-educated workers.
  • An inaccessible owned-housing market is channeling demand to rental housing.
  • With life-stage delays resulting in part from housing cost dynamics, there is a migration to affordability underway, namely to the Sun Belt and suburban areas.
  • An aging Baby Boomer population supports rental demand.
  • Multifamily fundamentals are attractive, with new highs in occupancies and retention rates.

Cortland believes it is well-positioned to continue thriving in the current market environment. With superior job growth and in-migration in Cortland markets, the firm expects to benefit from continued improvement in demand-side fundamentals. Cortland believes its value-add platform is able to offer the same heavily demanded finishes as products in the “luxury” category but at discounted rents, making Cortland’s communities a prime alternative – especially in an economy of generally stagnant wages and challenging affordability for single family purchases.

Performance as at 31 March 2024 Net Returns*
3 months-14.41%
6 months-11.83%
1 year-21.66%
Since inception p.a.-4.46%

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 August 2021. Unit Price and performance do not include the value of Foreign Income Tax Offsets (FITOs) which have been distributed in addition to cash.

*Performance since inception is measured as the 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 Quarterly Return
31 March 2024US$0.9025-14.41%

Fund Documents

Off Market Transfer Form
Change of Address & Communication Election Form
Letter of Authority Form


Fact Sheet
Spire Capital Master Fund Financial Report
PeriodDistribution Amount (cents per unit)EX Price
30 June 2023 Nil CPU Cash, Nil CPU FITOs $