Carmel Partners Inc. said it wrapped up its Carmel Partners Investment Fund VI after raising approximately $1.03 billion, exceeding the $1.00 billion target.

Over 35 existing and new investors participated in the fund, including investors from Europe. The fund will focus on U.S. multifamily real estate value creation, including property development and construction in markets with limited supply and high barriers to entry.

According to a company release, the fund already made its first investment in Oakland, Calif., where they will develop a full block-sized site in the middle of the city's downtown area.