Westplan raised $187M in equity in 2021 for the development of 2,700 apartment units in rapidly growing cities in Georgia, Florida, North Carolina, South Carolina and Tennessee. It will be a total investment of approximately $540M in 11 multifamily development projects.

Approximately $71M was raised for single asset funds. However, Westplan recognized an opportunity for another multi-asset fund so it raised $116M for Westplan Residential Development Fund 2 (WRDF 2). The fund will invest in 6 of the projects for a total of 1,600 units and a total investment of $325M.

The first two investments in WRDF 2 have already been made. Westplan purchased a site in Canton, GA near its downtown that was the former location of a major hospital campus. It also bought a site in downtown Daytona Beach, FL within walking distance of a new park overlooking the Halifax River.

Westplan will develop 2,700 apartment units in 2022/2023