FPA Multifamily launches $850m apartment opportunity fund

FPA Multifamily, a San Francisco–based real estate investment firm focused on the acquisition of multifamily properties in U.S. high-growth markets, has launched its next fund, FPA Apartment Opportunity Fund VII, according to Real Estate Alert.

The fund is seeking $850 million in equity commitments.

This is the seventh value-add fund in the apartment series. It will seek apartment properties throughout the United States. According to Real Estate Alert, the fund series has historically focused on workforce housing, with an eye toward properties that need renovation or repositioning or have distressed owners.

The predecessor fund in the series, FPA Apartment Opportunity Fund VI, held a $550 million final close in 2017. FPA is currently investing on behalf of Opportunity Fund VI, which will acquire $1.8 billion of multifamily assets in major U.S. cities. FPA Apartment Opportunity Fund V closed in 2015 and invested in 38 assets, totaling 10,000 units.

FPA Multifamily’s portfolio includes 530 buildings in excess of 107,000 units valued at more than $11.9 billion.