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Carmel Partners closes fundraising for new multifamily vehicle at $1.3B

Carmel Partners Inc.'s seventh U.S. multifamily investment fund amassed $1.28 billion of equity at its fundraising close, exceeding its $1 billion target and hitting its hard-cap of $1.25 billion, PERE News reported, citing Ron Zeff, the company's founder and CEO.

Some 95% of the investors from its prior multifamily fund invested a total of $950 million of capital to the new Investment Fund VII, while Carmel Partners committed $30 million to the investment vehicle, the Jan. 8 report added.

Participants in the fundraising included U.S. endowments and foundations, public and corporate pensions, as well as investors from Europe and Asia.

The new fund will invest in ground-up development projects, mainly in the San Francisco Bay Area, Southern California, New York, Seattle, Denver, Washington D.C. and Honolulu, the news outlet reported.