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Ballast Rock has launched its latest investment vehicle, Sunbelt Multifamily Fund III, which is aiming to raise $100 million of capital. The Charleston, S.C., investment manager will use the capital it raises, which can be leveraged into $220 million of investment capital, to invest in roughly a dozen properties. It's targeting those in the Carolinas and Georgia, but would consider properties in Tennessee, Florida and Alabama as well.