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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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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