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Fowler Multifamily holds first close for apartment fund

by Sara Kassabian

San Francisco–based Fowler Property Acquisitions Multifamily has held a $310 million first close for its fourth fund, FPA Apartment Opportunity Fund IV. FPA Multifamily declined to comment on fundraising activities.

The FPA Apartment Opportunity Fund IV launched Feb. 11, 2013, with a target fundraising goal of $290 million and a hard cap of $350 million. The final close has been scheduled for June 30, 2013.

The value-added/opportunistic fund will invest in multifamily workforce housing throughout the West and Southwest regions of the United States.

The fund’s predecessor, FPA Apartment Opportunity Fund III, raised $293 million from investors and through a sidecar investment vehicle.

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