IMT Capital has closed its fourth multifamily real estate fund at $630 million, the firm said Monday.
The Sherman Oaks, California-based firm garnered commitments for IMT Capital Fund IV from university endowments, foundations, pension funds and high net worth individuals, as well as $20 million from the firm’s principals, according to a statement. The firm did not disclose the original target for the fund.
IMT Capital plans to invest in multifamily properties in major US markets. The firm held a first closing on $252 million in December, according to a document filed with the US Securities and Exchange Commission.
“We look at change in the markets as our friend,” said Michael Browne, IMT Capital’s co-founder, in a statement Monday. “All cycles are a little different, and all have something to offer our disciplined investment approach.”
The firm has raised $1.75 billion across four funds. IMT Capital closed the third fund in the series in October 2013 at $409 million.
IMT Capital’s most recent publicly-disclosed transaction was last week’s purchase of a 3.18 acre development site at a master-planned community in Lone Tree, Colorado designed for 219 multifamily apartment units for an undisclosed amount, according to the firm’s website.