CBRE Global Investors has had a first close for its CBRE Wood Partners Development Fund IV. The fund has raised just under $204 million in equity.
The investment firm is targeting $400 million for its fourth multifamily development fund and is seeking a 16 percent return by developing, leasing up and selling apartment properties.
It is the most recent fund in a series that invests through Wood Partners, an Atlanta developer in which CBRE has held a majority stake since 2008.
The first three funds in the series raised a combined $625 million from 2010 to 2013. Using leverage, they made 31 investments totaling $1.6 billion. The funds have been focusing on “live-work-play” neighborhoods in Atlanta, Boston, Chicago, New York, Portland, Seattle, South Florida and California.
