Carmel Partners, San Francisco, has closed a second multifamily institutional real estate investment fund with $400 million in equity commitments, the firm said.The fund’s strategy is to buy underperforming multifamily assets and actively manage and renovate the properties, making improvements. Carmel Partners will also consider development and "strategic joint venture" opportunities with real estate operators. Ron Zeff, the firm’s founder, said, "We believe the current economic environment and pending demographic shifts will produce continued buying opportunities with higher long-term rent growth and improved occupancy rates." More than 95% of the investors in Carmel’s first multifamily fund have committed to the new fund, Carmel said.

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