Carmel Partners closes $1.35B multifamily fund targeting supply-constrained US markets

Carmel Partners Investment Fund 9 is structured to pursue existing multifamily properties, development projects and debt acquisitions. The firm has raised more than $8.5 billion in total across its fund series since 2003 and has renovated or developed more than 57,000 apartment units representing a combined estimated gross value of $23.7 billion. Recent transactions through the fund include a deal nearing close to acquire MetLife's minority stake in a five-building, 710-unit portfolio near Columbus Circle in Manhattan valued at $500 million, and the October 2025 acquisition of Stella, a 244-unit building in Marina del Rey from Nuveen for $141 million. The fund targets supply-constrained submarkets where new deliveries remain limited relative to household formation.