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   < BACK For Immediate Release Carmel Partners Raises $400 Million for Second Discretionary Equity Fund San Francisco, May 31, 2005 – Carmel Partners, Inc. announced today that it has closed its second discretionary institutional real estate investment fund, Carmel Partners Investment Fund II, L.P. (“Fund II”), with $400 million in equity commitments. Fund II will invest in the acquisition, development and renovation of multifamily properties. Fund II is nearly double the size of its first fund, Carmel Partners Investment Fund, L.P. (“Fund I”), which closed in November 2004 with $215 million in equity commitments. As of May 15, Fund I had purchased 23 properties with more than 4,000 units for a total cost of $380 million. More than three quarters of its transactions are sourced on a proprietary basis. More than 95% of the original Fund I investors, comprised largely of university endowments and foundations, have committed to Fund II in addition to 11 new investors. In the past year, the firm has opened its first East Coast office in Washington D.C. as well as a new office in Honolulu. The firm’s more recent acquisitions in its expanded markets have included an interest in a 900-unit, 12-property portfolio in Washington, D.C., and the 162-unit Aloha Surf in Honolulu’s Waikiki-area where supply is very tight. Other offices include its San Francisco headquarters, Denver, Irvine, and Seattle. Funds I and II’s strategy is to selectively buy underperforming multifamily assets and actively manage and renovate those properties, making value-based improvements. Carmel Partners will also consider development and strategic joint venture opportunities with select real estate operators. The firm’s in-house operations include research, acquisition, development, construction, financing, leasing and management capabilities. With a team that has grown rapidly to 317 employees, Carmel Partners is one of the largest private real estate investment firms focused exclusively on the multifamily sector. “Over the last decade, we have proven that value-based investing in apartment properties and active management of those investments can produce strong risk-adjusted returns through multiple market cycles,” said Ron Zeff, the firm’s founder. “We believe the current economic environment and pending demographic shifts will produce continued buying opportunities with higher long-term rent growth and improved occupancy rates.” “We are very grateful for the continued support from our institutional investment partners,” said John Williams, Managing Partner at Carmel Partners. “We believe their commitment to the Carmel Partners Investment Fund II confirms their confidence not only in the multifamily sector, but in Carmel’s ability to find and execute on value-added opportunities.” About Carmel Partners Since the firm's founding in 1992 by Ron Zeff, Carmel Partners has acquired or developed multifamily investments consisting of 41 properties, with a total of 12,542 units, with a value of approximately $1.5 billion. Headquartered in San Francisco, the firm also has offices in Irvine, Denver, Seattle, and recently opened offices in Washington DC and Honolulu. The company's investment in The Villas Parkmerced Apartments, a 3,483-unit community located in San Francisco, was the largest single-asset multifamily transaction in the United States. Contact: Owen Blicksilver |
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