Carmel raises $1.28bn

Carmel Partners has closed its seventh multifamily fund, Investment Fund VII, at $1.28 billion, surpassing its $1 billion target and $1.25 billion hard-cap.

The oversubscribed vehicle has received commitments from existing investors that backed Investment Fund VI such as endowments, foundations and public and corporate pensions. Unlike its predecessors targeting value-added opportunities, Fund VII is focused on ground-up development projects, primarily in the San Francisco Bay Area, Southern California, New York, Seattle, Denver, Washington, DC and Honolulu.