FPA Multifamily holds $703.25m final close for core-plus fund

FPA Multifamily, a vertically integrated, principal investment organization based in San Francisco, has held a $703.25 million final close for its fourth core-plus real estate fund.

FPA Core Plus Fund IV invests in multifamily properties in top-tier demographic neighborhoods in and around major metropolitan areas in the United States and will acquire approximately $1.4 billion of assets. Throughout fundraising, the fund received equity from pension funds, including $30 million from the Arkansas Teacher Retirement System and $100 million from the Texas County & District Retirement System.

This is the firm’s fourth core-plus fund and its ninth fund overall. FPA Multifamily is currently investing on behalf of FPA Core Plus Fund III, which will acquire $900 million of multifamily assets is select U.S. markets, acco