Broad Creek Capital has acquired The Crossing at Palm Aire, a 315-unit Class A multifamily community in Sarasota, Fla., the firm said in an Aug. 17 announcement on Business Wire, marking the first deployment out of a successful second close of its Multifamily Advantage Fund I. The purchase price was not disclosed.
The fund, which targets $150 million in commitments, drew its second close from European family offices, according to the announcement; Broad Creek said the vehicle is now nearly 30% deployed and expects a third close in late 2026 or early 2027. The Crossing at Palm Aire, built in 2023, is the second acquisition Broad Creek has made alongside co-sponsor Hillridge Capital, following their October 2025 off-market purchase of The Carson, a 298-unit community in Charlotte, N.C. Abod Capital Solutions joined as a co-limited partner on the Sarasota deal.
“We invest our own capital in every transaction, and we underwrite each acquisition as owners rather than intermediaries,” said Matthew Ruesch of Broad Creek Capital. Adam Stifel, also with the firm, said “The Crossing at Palm Aire is the type of asset we look for: a high-quality community.” Jonathan Cummings of Hillridge Capital called the property “an exceptional community with tremendous long-term potential.”
The deal adds to a steady drumbeat of institutional and family-office capital flowing into Florida multifamily assets even as the state’s broader housing market shows mixed signals: Florida’s residential construction permitting fell 7% in the first half of 2026 even as some counties posted double-digit gains, and national data shows multifamily construction activity outperforming single-family building through the first half of the year. Broad Creek’s Sarasota purchase follows a similar pattern to other recent Sun Belt-focused vehicles, including a $1.2 billion fund closed this month targeting up to $8 billion in Sun Belt real estate.
What it means: Broad Creek did not disclose a purchase price for The Crossing at Palm Aire, so RealtyWire cannot independently verify the deal’s size against comparable Sarasota multifamily sales. The more concrete news is the fund-level activity: a $150 million vehicle drawing international family-office capital and repeating a co-investment structure with the same partner across two markets signals a deliberate strategy of building a multi-metro Class A apartment portfolio rather than one-off opportunistic buys.
What to watch: Broad Creek’s anticipated third fund close in late 2026 or early 2027 will show whether it can sustain the pace of European capital commitments, and whether the firm continues pairing with Hillridge Capital as it expands beyond Charlotte and Sarasota.
