FPA Multifamily holds $703.25m final close for core

FPA Multifamily, a vertically integrated, principal investment organization based in San Francisco, has held a $703.25 million final close for its fourth core-plus real estate fund.
FPA Core Plus Fund IV invests in multifamily properties in top-tier demographic neighborhoods in and around major metropolitan areas in the United States and will acquire approximately $1.4 billion of assets. Throughout fundraising, the fund received equity from pension funds, including $30 million from the Arkansas Teacher Retirement System and $100 million from the Texas County & District Retirement System.
This is the firm’s fourth core-plus fund and its ninth fund overall. FPA Multifamily is currently investing on behalf of FPA Core Plus Fund III, which will acquire $900 million of multifamily assets is select U.S. markets, according to its website.
In addition to FPA Core Plus Fund IV, FPA Multifamily is currently investing through its value-add focused FPA Apartment Opportunity Fund VI, which is expected to acquire approximately $1.8 billion of assets.
FPA Multifamily focuses on the acquisition, renovation and management of both core-plus and workforce housing apartment communities. Founded in 1985, FPA Multifamily has owned more than 100,000 apartment units valued at more than $10 billion.

FPA Multifamily holds $703.25m final close for core
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