Carmel Partners just closed Fund VI at $1.025B, exceeding its target of $1B.

The first project to be funded will be a multifamily development at 1314 Franklin in Oakland, according to the San Francisco Business Times. The project's current plans include upward of 630 units and 16k SF of retail, according to city documents. The project is undergoing design review this week.

The project is a full city block (currently a two-level parking lot) near BART and public transportation. Carmel Partners also is working on a 330-unit, 294,778 SF development at 150 and 155 4th St in Oakland.

More than 35 existing and new investors, including several from Europe, participated in Fund VI. Carmel Partners has raised $4.2B since its inception of the fund series in 2004. Carmel Partners focuses on multifamily investments, including property development and construction in supply-constrained high-barrier-to-entry U.S. markets.