SAN FRANCISCO--(BUSINESS WIRE)--Carmel Partners (“Carmel”), announced today the final close of its U.S. multifamily real estate value creation fund, Carmel Partners Investment Fund VI. The Fund closed at $1.025 billion, exceeding its target of $1.0 billion.
With the closing of Fund VI, Carmel Partners has successfully raised $4.2 billion since inception of the fund series in 2004. More than 35 existing and new investors participated in Fund VI, including several European investors.
Carmel Partners focuses on multifamily investments, including property development and construction in supply-constrained, high barrier-to-entry U.S. markets.
Fund VI has already made its first investment, in Oakland, California. Carmel will develop a full block-sized site located in the center of the economically vibrant and evolving downtown area, convenient to jobs and public transportation.
Ron Zeff, Founder and CEO of Carmel, said in a statement today, “We are pleased to announce the successful closing of Fund VI, which we believe confirms our investors’ confidence in the Carmel value creation strategy: our multifamily sector focus, precise execution and a vertically integrated platform with deep in-house expertise.”
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, 35,920 apartment units with an estimated value of $10 billion. Headquartered in San Francisco, Carmel has offices in New York, Los Angeles, Seattle, Denver and Washington, D.C. For more information please visit www.carmelpartners.com.