Equity Residences has announced the acquisition of the first two homes for its new Equity Platinum Fund 2. The homes are in Punta de Mita, Mexico and Reserva Conchal, Costa Rica.
Equity Platinum Fund 2
Equity Residences launched the Equity Platinum Fund 2 earlier this year, with a plan to raise $50 million to acquire 16 vacation homes for the fund investors. This fund follows on the successful sell out of the two earlier funds, the Equity Villa fund and the original Equity Platinum Fund.
Platinum Fund 2 investors will own the residences for approximately ten years (the “Utilization Period”), after the initial Investment Period during which the homes are acquired. Investors enjoy the properties rent-free while income from public rentals offsets the Fund’s annual operating expenses and minimizes annual fees for investors. At the end of the Utilization Period, Equity Residences will liquidate the portfolio, return investment balances, and distribute appreciation profits.
The first of the new homes is located in the private, gated community of Pontoquito, in Punta de Mita, Mexico. Fund investors have access to a secluded sandy beach, and the home features spectacular views of both Bahia de Banderas and the Sierra Madre Mountains. The newly constructed residence is a modern, spacious design with 6,350 sq. ft. of air-conditioned interior space, seven bedrooms, and eight bathrooms.
The new fund also has placed under contract a new, ocean-view, five-bedroom penthouse in Reserva Conchal. Playa Conchal is rated among the top beaches in Costa Rica, and Platinum Fund 2 investors will have access to all resort amenities including a Robert Trent Jones-designed golf course.
The acquisition of the two new luxury vacation homes brings Equity Residences’ portfolio across the three funds to more than 25 homes spanning Hawaii, Florida, California, Colorado, Utah, the Bahamas, St. John, Turks and Caicos, the Dominican Republic, Mexico, Costa Rica, Belize, and Italy.