The Real Deal New York

Carmel Partners raises $1.3B multifamily fund

Funding comes from more than 40 investors in Asia, Europe and the US
January 09, 2019 05:00PM

Carmel Partners CEO Ron Zeff (Credit: Privcap and iStock)

Carmel Partners finished raising $1.28 billion for its latest U.S. multifamily fund.

The San Francisco-based real estate investment firm secured commitments from more than 40 investors across Asia, Europe and the US, AltAssets.net reported.

Carmel CEO Ron Zeff, who founded the company in 1996, said the new investment vehicle will “continue to pursue a multifamily value-creation strategy in our target markets.”

The latest closing brings Carmel’s total funds raised to $5.5 billion since 2004. The company’s previous fund, closed in January 2017, had a value of $1.03 billion.

A major player on the West Coast and Hawaii, Carmel Partners has been active in New York City since 2010, when it opened a one-agent office in the city.

The company last year sold a $1.9 billion portfolio of seven multifamily properties spread across three states to Brookfield Property Partners, which included the 30-story rental tower at 15 Cliff Street in the Financial District.

Last July, Carmel acquired a $40 million Crown Heights development site from Cornell Realty Management. [AltAssets] — Kevin Sun