Carmel Partners Closes Ninth Multifamily Fund at $1.35B
Carmel Partners has closed its ninth U.S. multifamily value-add fund at $1.35 billion, as investors continue to target housing markets with strong fundamentals and limited supply.
Fund IX has already begun deploying capital, acquiring nine operating assets and committing $477 million in equity to date. The investor base includes U.S. and international pension funds, endowments, foundations, family offices and high-net-worth investors.
Carmel’s investment focus remains on high barrier-to-entry markets, including Northern and Southern California, Boston, Denver, Hawaii, New York, Seattle and Washington, D.C.
“Fund 9 has a well seeded portfolio with $477 million in committed equity and is deploying into what we believe is the most attractive multifamily opportunity set that the firm has seen in almost 30 years of investing,” said Ron Zeff.
The close brings Carmel’s total capital raised across its fund series to more than $8.5 billion since 2003. Since its founding in 1996, the firm has acquired, developed or renovated more than 57,000 apartment units with a combined estimated gross value of $23.7 billion, along with completing 22 debt investments.