Source: Carmel Partners / #Apartments #Multifamily
SAN FRANCISCO, CA - Carmel Partners, has held a final close of its fifth U.S. multifamily value creation fund, Carmel Partners Investment Fund V. The Fund closed in less than nine months from launch in October 2013 and was oversubscribed on its $1.025 billion hard cap.
With the closing of Fund V, Carmel Partners has successfully raised $3.160 billion since inception of the fund series in 2003 of which more than half, or $1.845 billion, has been raised post-global financial crisis through Funds IV and V.
More than two-thirds of Carmel's investors participate in multiple funds. The capital raised for Fund V represents over 50 equity commitments from a mix of existing and strategically-targeted new investors.
Ron Zeff, founder and CEO of Carmel, said in a statement today, “Consistent with our prior funds, Fund V will seek the best risk-adjusted opportunities across multifamily renovation, development and debt investments in relatively supply-constrained, high barrier-to-entry markets in the United States. In the current market cycle, we are continuing to see more development opportunities where we believe our vertical integration enables us to mitigate the risks in execution and construction. Therefore, similar to Fund IV, we expect Fund V to have a high percentage of investments in ground-up development.”
Founded in 1996, Carmel Partners is a specialist real estate investment manager. Carmel seeks superior risk-adjusted returns across varying market cycles by adhering to a philosophy of specialization in U.S. multifamily investments and execution of value creation strategies through a vertically integrated platform. Currently, Carmel manages approximately $3.6 billion in real estate assets for over 60 institutional investors including many of the nation's leading endowments, foundations, pension plans and family offices.