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FPA Multifamily has completed its final close of Apartment Opportunity Fund IX, raising $1.765 billion, hitting its hard cap and surpassing its $1.5 billion target. The commitments were from more than 40 institutional investors.

Since starting with the purchase of a fourplex in San Diego more than 40 years ago, FPA has purchased 800-plus buildings totaling more than 165,000 apartment units and realized more than 500 buildings totaling 103,000 units. FPA currently owns and manages more than 62,000 units valued at $15 billion in 35 U.S. states.