CBRE Global Investors has raised $411m (€378m) for a US multifamily development fund.

The Wood Partners Development vehicle exceeded its capital-raising target.

Five investors from North America and Asia backed the fund. Four are repeat investors from previous funds in the series, which has raised $1bn.

The fund is a continuation of CBRE Global Investors’ Strategic Partners US multifamily development programme with Wood Partners, a developer and operator.

The firms have worked together since March 2008 when CBRE Global Investors completed its first ever entity-level transaction and acquired a majority share in the Atlanta-based developer.

The fund is expected to develop, lease and sell state-of-the-art multifamily communities in infill “live/work/play” neighbourhoods in US markets, making investments with total projected development costs of $1bn, including leverage.

CBRE GI said the fund is already 40% invested in three properties in Chicago, Washington DC and Dallas.

Vance Maddocks, president of CBRE Strategic Partners US, said: “With our focus on high job growth markets that also have a high cost of home ownership, we continue to see excellent opportunities in the multifamily sector, especially in neighbourhoods with locational amenities that appeal to baby boomers and millennials.

“We intend to execute on market-leading strategies in community design and operations, developing institutional-quality properties nationwide.”