Zeff says Carmel Partners will continue to pursue a multifamily value-creation strategy in target markets.
SAN FRANCISCO—Carmel Partners announced the final close of Carmel Partners Investment Fund 7, its US multifamily real estate value creation fund. Fund 7 had its first close in August 2018, exceeded its target size in October, achieved its hard cap and was oversubscribed with the final close in December 2018.
At $1.28 billion, Fund 7 is Carmel's largest fund to date enabling select new investors to join Carmel's existing LPs. More than 40 existing and new investors participated in Fund 7, including investors from Asia and Europe as well as the United States. Carmel has successfully raised almost $5.5 billion since inception of the fund series in 2004.
Carmel focuses exclusively on multifamily investments, including development, renovation and debt in relatively supply-constrained, high barrier-to-entry US markets including the metro areas of the Bay Area, Southern California, New York, Seattle, Denver, Washington, DC and Honolulu.
“We greatly appreciate the support of our investors as we announce the successful closing of Fund 7,” says Ron Zeff, founder and CEO of Carmel Partners. “Through our vertically integrated platform, we will continue to pursue a multifamily value-creation strategy in our target markets.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
