L.A.-based CBRE Global Investors has closed a multifamily development fund having received $411-million in equity commitments, which exceeded the firm’s capital-raising targets for CBRE Wood Partners Development 4, LP fund.

The fund’s total capital raised exceeds $1-billion, with total investment capacity of $2.6-billion. The focus is on multifamily communities in infill “live/work/play” neighborhoods in select U.S. markets. 

Five investors from North America and Asia, including four repeat investors from previous funds in the series, provided capital. The fund is 40 percent invested in three properties, representing 1,400 units in Chicago, Washington, D.C., and Dallas’ Plano/Richardson submarket.

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