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Fund facts

Investor Type
Wholesale Investors Only
Asset Class
US Multifamily Real Estate
Target Return (Underlying Fund)
12-14% Net IRR / 1.8x Net Multiple
Distribution Frequency
Annually, commencing 30 June, 2024
Daily during the offer period of the Units
Spire Management Fees
0.50% p.a. x the Capital Commitment that the Units have made to the Underlying Fund plus GST.
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 II (‘SMVFII’ or the ‘Fund’) provides an opportunity to capitalise on the continuing thematic of increasing demand in US multifamily real estate, driven by an existing undersupply of housing, affordability pressures, suburban outperformance and the economic flexibility that renting provides. By partnering with Cortland Investment Group (“Cortland”), Spire seeks to continue upon Cortland’s strong historical performance and streamlined ‘value add’ strategy, through their resident-centric approach to apartment living. This is with the goal of delivering outsized returns in high-growth metro and suburban areas.

Cortland’s investments and operations teams have a strong presence and longstanding execution experience in the firm’s target markets. Cortland believes it can leverage this market specific investment and operational knowledge to underwrite and select superior assets in relevant submarkets. The target market’s characteristics include affordable rent levels, constrained supply, high job, and population growth, and business-friendly / lower tax regimes, or a combination of these characteristics. Cortland believes that its proprietary data analytics allow the firm to strategically select markets and submarkets for investment that the firm believes will generate outsized investment performance.

PDS/IM & Forms

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


Spire Capital Master Fund Financial Report