CBRE Global Investors closes multifamily development fund
CBRE Global Investors has announced the final closing for CBRE Wood Partners Development 4, a multifamily development fund with equity commitments of $411 million, exceeding its fundraising target.
Wood 4, which is closed to new investors, is a continuation of the Strategic Partners U.S. multifamily development program that has a programmatic relationship with Wood Partners, a multifamily developer and operator. The fund is expected to develop, lease and sell state-of-the-art multifamily communities in infill “live/work/play” neighborhoods within select U.S. markets, making investments with total projected development costs of $1 billion, including leverage.
Capital has been committed by five investors from North America and Asia, four of whom are repeat investors from the previous funds in the series. The fund is already 40 percent invested in three properties representing 1,400 units in Chicago; Washington, D.C.; and the Plano/Richardson submarke