Carmel Partners has raised $1.025bn (€953m) for its sixth US multifamily strategy.

The manager said its final close of the Carmel Partners Investment Fund VI involved roughly 35 investors backed the fund.

These included existing and new Carmel clients, and several European investors.

Ron Zeff, founder and chief executive of Carmel, said: “We are pleased to announce the successful closing of Fund VI, which we believe confirms our investors’ confidence in the Carmel value creation strategy: our multifamily sector focus, precise execution and a vertically integrated platform with deep in-house expertise.”

The fund has made its first investment, buying a development in Oakland, California. Carmel will develop a site which it says will be convenient for jobs and public transportation.

Carmel Partners focuses on the development and construction of real estate assets in supply-constrained, high barrier-to-entry US markets.