Carmel launches fifth multifamily fund

Carmel Partners has launched its fifth discretionary institutional real estate investment fund, Carmel Partners Investment Fund V.

The firm aims to raise $850 million fundraising goal and to hold a final close by March 31, 2014. The value-added fund will follow the firm’s strategy of value-add investing in multifamily properties and debt in supply-constrained U.S. markets with high barriers to entry.

Its predecessor, Carmel Partners Investment Fund IV, closed in October 2012 with $820 million in equity commitments, surpassing its $700 million target. Carmel Partners Investment Fund III closed in 2008 with $700 million in equity commitments. Carmel Partners Investment Fund II closed with $400 million in 2005, and Carmel Partners Investment Fund I closed in 2003 with $215 million.

Recently, Carmel Partners announced it finalized a lease with Whole Foods Market for its flagship 42,000-sq