San Francisco–based FPA Multifamily has launched its fifth closed-end core-plus real estate fund, targeting multifamily properties in the United States.
The FPA Core Plus Fund V fund opened in September and is seeking $1 billion in capital. It has yet to hold a first close.
The first four funds in the series closed with $122 million, $125 million, $455 million and $703.25 million, respectively.
According to FPA Multifamily, a vertically integrated, principal investment organization, the first fund acquired six assets, valued at $275 million, the second acquired 17 assets valued at $800 million, and the third acquired $16 assets valued at $1.1 billion.
FPA Core Plus Fund IV, the new fund’s direct predecessor, was looking to acquire $1.4 billion in multifamily assets in select U.S. markets.
According to the company, FPA and its affiliated property management and general contracting companies operate a portfolio of approximately 35,000 apartment u
