Carmel Partners Closes Largest Fund to Date at $1.58B

Carmel Partners, a San Francisco-based real estate investment management firm, has closed its eighth multifamily real estate value creation fund at $1.58 billion, just above its $1.5 billion target.

The new fund is approximately one-third larger than the $1.28 billion Carmel collected for its predecessor vehicle at the beginning of 2019 and marks its biggest fund to date.

Carmel has now raised more than $7 billion since inception of the fund series in 2003.

The firm focuses on multifamily investments in supply-constrained, high barrier-to-entry US markets including Northern and Southern California, Boston, Denver, Hawaii, New York, Seattle and Washington DC. These investments include ground-up development, renovation and debt instruments.

“We believe that the wide-ranging expertise Carmel has developed through decades of investing in acquisitions, renovations, ground-up projects as an owner/builder and real estate debt instruments, will enable us to find compelling investments in any market cycle,” said Ron Zeff, founder and CEO of Carmel Partners.

Since its founding in 1996, Carmel has bought and renovated or developed, or is in the process of renovating or developing, more than 50,000 apartment units and has made 22 debt investments with a combined estimated gross value of more than $19.5 billion.