Carmel Partners Closes Investment Fund 7
The US multifamily real estate value creation fund had its first close in August 2018, exceeded its target size in October, achieved its hard cap and was oversubscribed with the final close in December 2018.
SAN FRANCISCO—Carmel Partners announced the final close of Carmel Partners Investment Fund 7, its US multifamily real estate value creation fund. Fund 7 had its first close in August 2018, exceeded its target size in October, achieved its hard cap and was oversubscribed with the final close in December 2018.
At $1.28 billion, Fund 7 is Carmel’s largest fund to date enabling select new investors to join Carmel’s existing LPs. More than 40 existing and new investors participated in Fund 7, including investors from Asia and Europe as well as the United States. Carmel has successfully raised almost $5.5 billion since inception of the fund series in 2004.
Carmel focuses exclusively on multifamily investments, including development, renovation and debt in relatively supply-constrained, high barrier-to-entry US markets including the metro areas of the Bay Area, Southern California, New York, Seattle, Denver, Washington, DC and Honolulu.
“We greatly appreciate the support of our investors as we announce the successful closing of Fund 7,” says Ron Zeff, founder and CEO of Carmel Partners. “Through our vertically integrated platform, we will continue to pursue a multifamily value-creation strategy in our target markets.”