Enclave Launches $200M Fund Focused on Multifamily, Industrial Assets

Enclave Launches $200M Fund Focused on Multifamily, Industrial Assets
News| October 22, 2025| Jasmine Kilman
Chicago & Midwest + Apartment Buildings

Minneapolis-based Enclave has launched a $200 million investment fund designed to expand access to alternative real estate investments while offering significant tax advantages and risk-mitigated opportunities for investors.

Enclave’s Real Income Plus Fund is a core, open-ended fund that focuses on stabilized multifamily assets in the Midwest and Mountain West, as well as Industrial assets nationwide.

“This fund represents a historical step forward in Enclave’s mission to redefine private real estate investment by combining disciplined acquisition practices with innovative tax-advantaged structures, we’re opening the door for investors to participate in high-value, risk-conscious opportunities that were previously out of reach,” said Josh Wilcox, President of Development and Investments in Enclave’s Minneapolis office.

As part of this strategic initiative, Enclave has added Dan Ruehl to its team of real estate veterans to oversee acquisition strategy and portfolio growth. Ruehl will guide investment selection, capital deployment, and partnership development.

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