January 26, 2017 Comments Off on Carmel Closes $1B Fund, Invests in 40-Story Oakland Tower Views: 521 Bay Area, California News

Carmel Closes $1B Fund, Invests in 40-Story Oakland Tower

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San Francisco-based Carmel Partners raised $1.025-billion for its Fund VI. With the closing of the U.S. multifamily real estate value creation fund, the investment management firm has successfully raised $4.2 billion since inception of the fund series in 2004.

The fund’s first investment is a proposed 40-story, mixed-use development in downtown Oakland, slated to include 630 residential units. Plans, currently undergoing city design review, include a seven-story podium base and 16,000 square feet of ground-level retail on a full block-sized site, located at 1314 Franklin, near BART and public transit options.

The developer is working with the city to redesign the building to more closely reflect adjacent buildings, provide more visual breaks in the massing of the podium, and incorporate building-top elements that reflect the towers’ prominence on the skyline.

Read more at Business Wire

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