Carmel Partners said Jan. 9 that its seventh fund, a U.S. multifamily real estate value creation pool, closed on $1.28 billion. Carmel targets multifamily investments, including development, renovation and debt in U.S. markets including the metro areas of the San Francisco Bay Area, Southern California, New York, Seattle, Denver, Washington D.C. and Honolulu.
Carmel Partners Closes Fund 7 at $1.28 Billion
San Francisco, January 9, 2019 – Carmel Partners (“Carmel”), announced today the final close of Carmel Partners Investment Fund 7, its U.S. multifamily real estate value creation fund. Fund 7 had its first close in August 2018, exceeded its target size in October, achieved its hard cap and was oversubscribed with the final close in December 2018.
At $1.28 billion, Fund 7 is Carmel’s largest fund to date enabling select new investors to join Carmel’s existing LPs. More than 40 existing and new investors participated in Fund 7, including investors from Asia and Europe as well as the United States. Carmel has successfully raised almost $5.5 billion since inception of the fund series in 2004.
Carmel focuses exclusively on multifamily investments, including development, renovation and debt in relatively supply-constrained, high barrier-to-entry U.S. markets including the metro areas of the San Francisco Bay Area, Southern California, New York, Seattle, Denver, Washington, D.C. and Honolulu.
Ron Zeff, Founder and CEO of Carmel Partners, said, “We greatly appreciate the support of our investors as we announce the successful closing of Fund 7. Through our vertically integrated platform, we will continue to pursue a multifamily value-creation strategy in our target markets.”
About Carmel Partners
Founded in 1996, Carmel Partners is one of the nation’s leading specialists in real estate investment management, focusing on U.S. multifamily development and construction. Carmel seeks superior risk-adjusted returns across varying market cycles, executed through its vertically integrated platform in supply-constrained, high barrier-to-entry markets in the U.S. Since the firm’s founding, Carmel has bought and renovated or developed, or is in the process of renovating or developing, more than 41,000 apartment units with an estimated value in excess of $12 billion. Headquartered in San Francisco, Carmel has offices in Los Angeles, New York, Seattle, Denver, and Washington, D.C. For more information please visit www.carmelpartners.com.