FPA Multifamily raises $970m for fifth core-plus fund
FPA Multifamily, an owner/operator of apartment communities has completed the final close for FPA Core Plus Fund V, raising $970 million in equity commitments. The fund exceeds its original target of $750 million.
FPA Core Plus Fund V is the firm’s largest fund to date. This is the firm’s fifth core-plus fund and its eleventh fund overall. Commitments came from a broad range of domestic and international institutional investors, and some high-net-worth individuals.
FPA Core Plus Fund V will invest in multifamily properties in top-tier demographic neighborhoods in and around major metropolitan areas in the United States. The fund has the capacity to acquire more than $1.9 billion in apartment investments with leverage.
FPA Multifamily is the 24th largest owner of apartments in the U.S. according to NMHC and is headquartered in San Francisco, CA along with seven regional offices across the US. The firm has been the general partner on eleven discretionary