Florida developer raises $175M to expand multifamily pipeline

Miami multifamily developer and investor Neology Group has raised $175 million in capital to prepare for a next new construction wave in Florida and the Southeast as the national building pipeline shrinks and renter demand rises. The capital gives Neology the ability to pursue about $1 billion in deals, according to the company. Lissette Calderon, Neology’s founder, told HousingWire TBD she couldn’t disclose the names of the new investors. “We have the family offices and the private investors who have been partners with us for years,” Calderon said. “But this raise also brought new institutional investors into our capital base.” Neology’s securing of the private equity infusion marks another signal that capital is returning to apartment developers. Investment pulled back starting in 2022 as interest rates and construction costs climbed. Developers and equity investors are increasingly positioning for the next round of scarcity. The national apartment construction pipeline has shrunk to its lowest share of existing stock since 2013. That comes as demand has shown resilience and now outpaces the delivery of new units. Neology’s expansion beyond Florida The firm has developed more tha...