Carmel Partners, a real estate investment management company, has closed its Carmel Partners Investment Fund 8, a U.S. multifamily real estate value creation fund.

Fund 8 exceeded its target size of $1.5 billion with $1.58 billion in capital commitments, Carmel’s largest fund to date. Carmel focuses on multifamily investments in U.S. markets including northern and southern California, Boston, Denver, Hawaii, New York, Seattle and Washington D.C. These investments include development, renovation and debt instruments.

“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,” comments Ron Zeff, founder and CEO of Carmel Partners.