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While The Bainbridge Cos. has been around since 1997 and developed nearly 43,000 apartment homes, the firm had never really gotten into the programmatic fundraising side of the business.

However, that changed in March when the Wellington, Florida-based apartment owner, manager and developer held a first closing of approximately $150 million in commitments for the Bainbridge Multifamily Acquisition Fund I.

With a target raise of $250 million in commitments, Bainbridge plans to acquire 1990s and newer apartments at discounts to replacement cost in Sun Belt and mid-Atlantic markets.