CBRE exceeds target with third multifamily development fund

CBRE Global Investors has held a final close for its CBRE Wood Partners Development Fund 3, exceeding its $200 million target with more than $300 million in equity commitments.

Wood 3 is the third in a series of multifamily development funds sponsored by CBRE Global Investors that capitalizes on a substantial relationship with Wood Partners, an industry-leading multifamily developer and operator. CBRE formed its partnership with Wood Partners in 2008.

"We view Wood Partners as the leader in the multifamily development space," says Vance Maddocks, president of CBRE Strategic Partners U.S.

Six institutional investors from the United States and Canada contributed capital to the fund, including repeat investors from the previous two funds.

Maddocks adds the fundraising period was a success due to “having a great developer combined with a strategy