Apartment fund holds $357 million final close
San Francisco–based FPA Multifamily has surpassed its equity target and raised $357 million for its fourth fund, FPA Apartment Opportunity Fund IV. The fund held its final close on June 25. FPA Multifamily declined to comment on fundraising activities. The FPA Apartment Opportunity Fund IV launched Feb. 11, 2013, with a target fundraising goal of $290 million and a cap of $350 million. The value-added/opportunistic fund will invest in multifamily workforce housing throughout the West and Southwest regions of the United States. The fund’s predecessor, FPA Apartment Opportunity Fund III, raised $293 million from investors and through a sidecar investment vehicle.