Carmel Partners (“Carmel”) today announced the close of its fourth discretionary institutional real estate investment fund, Carmel Partners Investment Fund IV (“Fund IV”), with total commitments of $820 million. With a target raise of $700 million, Carmel’s Fund IV reached its “hard cap” of $820 million and held its final close.
Through Fund IV, Carmel will continue to execute its proven strategy of value-add investing in multifamily properties in the country’s supply-constrained markets with high barriers to entry. Consistent with prior funds, Carmel also invests in new development and high-yielding multifamily debt opportunities with compelling risk-adjusted returns. Since initiating investment activity in March 2012, Fund IV has committed approximately $250 million (30%) of equity.