Real estate investment firm Security Properties has closed its sixth co-GP multifamily real estate fund, Security Properties Multifamily Fund VI, at $200 million.

The company initially targeted $150 million for the latest fund, which had a hard cap of $200 million. Although the raise was initially projected to take more than two years, the fund reached its goal in six months.

The fund is a moderately leveraged, geographically diversified private equity real estate fund that invested primarily in institutional joint ventures as the General Partner, according to the firm.

The fund has made investments in 28 multifamily units, investing in existing apartment communities in 11 MSAs, from the Nashville and Austin Metros to the West Coast.

According to Security Properties, 80% of the fund is co-GP investments, where members in the fund participate as investors of the general partner and have an opportunity to participate in the GP’s share of any returns. The remaining 20% do not have an institutional partner and are directly owned by Fund VI.

The fund combined the total raise into joint ventures with 13 different institutional partners, which contributed an aggregate of $780 million. The fund, along with the institutional partners, collectively acquired $2.1 billion of multifamily real estate with over 6,400 units.