Carmel Partners Closes Eighth Multifamily Fund at $1.6B

San Francisco-based Carmel Partners has reached the close of Carmel Partners Investment Fund 8, its U.S. multifamily real estate value creation fund. Fund 8 exceeded its target size of $1.5 billion.

At $1.58 billion, Fund 8 is Carmel’s largest fund to date. Investors include U.S. and international pension funds, endowments, foundations, insurance companies and select high net worth individuals and family offices. Carmel has successfully raised more than $7 billion since the inception of its Fund series in 2003.

Carmel has a vertically integrated platform that focuses on multifamily investments in supply-constrained, high barrier-to-entry U.S. 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.  

Ron Zeff, Founder and CEO of Carmel Partners, said, “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.”