Wingspan Development Group has closed its WDG GP Fund to further expand its multifamily development business. The WDG GP Fund anticipates a 15 percent to 20 percent-plus annual return over five years.
The $11.7 million fund will participate in the equity of three projects, including Niche at North Hyde Park near the University of Tampa; HUB13 in Oak Creek, Wisconsin; and The Ruby at Brookfield Square in Brookfield, Wisconsin. The fund expects to deploy all its capital into these projects during the next 30 to 60 days. Wingspan currently has more than $200 million in multifamily projects under development across several Chicago suburbs, Southeast Wisconsin and Central Florida.
Wingspan Development Group principals also participated in the WDG GP Fund, committing 10 percent of the total raise. About 80 investor members make up the balance of the fund.
Specializing in Class-A multifamily developments, Wingspan has recently completed two Chicago-area projects – Buckingham Place, a 267-unit transit-oriented development in Des Plaines, Illinois, and 20West, a mixed-use TOD mid-rise of 71 units in downtown Mount Prospect, Illinois. Both projects are stabilized.
In addition to Niche at North Hyde Park, HUB13 and The Ruby at Brookfield Square, Wingspan has three other active projects totaling more than 650 units at various stages of development.
