FPA Multifamily has completed its final close of Apartment Opportunity Fund IX, raising $1.765 billion, hitting its hard cap and surpassing its $1.5 billion target.
The commitments were from more than 40 institutional investors.
Since starting with the purchase of a fourplex in San Diego more than 40 years ago, FPA has purchased 800-plus buildings totaling more than 165,000 apartment units and realized more than 500 buildings totaling 103,000 units. FPA currently owns and manages more than 62,000 units valued at $15 billion in 35 U.S. states.
FPA has raised 14 discretionary funds totaling $9 billion in equity for both its core-plus and value-added strategies.
The National Multifamily Housing Council ranked FPA as the 20th-largest owner of apartments in the United States for 2024. FPA is headquartered in San Francisco, with regional offices in Atlanta; Chicago; Denver; Houston; Irvine, Calif.; and Washington, D.C.
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