Carmel Partners holds final close for multifamily fund
Carmel Partners has announced a $1.025 billion final close for its Carmel Partners Investment Fund VI, exceeding its equity fundraising target of $1.0 billion. Carmel had raised $941.84 million for the fund as of December 2016.
The value-added fund invests in multifamily properties in select supply-constrained, high-barrier-to-entry U.S. markets, including Denver, Honolulu, Los Angeles, New York City, the San Francisco Bay Area, Seattle, and Washington, D.C. The fund may acquire existing multifamily properties for renovation or develop new multifamily properties when market conditions support new construction.
More than 35 existing and new investors participated in Fund VI, including several European investors. The fund received a $50 million commitment from the $10 billion