San Francisco-based Carmel Partners, a real estate investment management firm, has closed its sixth multifamily real-estate fund at $1.025 billion, beating its $1 billion target.
Fund VI’s investors, which included European backers, numbered more than 35.
So far, the fund has deployed its first investment in a development project in Oakland, California. No financial terms were disclosed.
In July 2014, the firm closed its oversubscribed fifth fund at a hard cap of $1.025 billion. No data was available on Fund V’s performance.
Since launching its debut fund in 2004, Carmel has raised $4.2 billion, according to the firm.
Debevoise & Plimpton LLP provided legal counsel on Fund VI.
Photo: A home for sale is seen next to a vacant lot in East Palo Alto, California December 16, 2015. Reuters/Stephen Lam