Westwood urban residential real estate investment and management firm CityView announced Monday that it had closed a $150 million equity fund to invest in five to eight multifamily housing projects in the Western and Southwestern United States.

The fund will give the company between $400 to $450 million in equity and debt to create new housing or renovate old buildings, as it did in 2007 with Barker Block, a former warehouse on South Hewitt Street in the Arts District which it turned into condos.

“This fund will have a footprint in major metropolitan areas from San Diego to Seattle and Denver to Dallas where there is a strong demand and limited supply,” said Sean Burton, chief executive of CityView.

Burton declined to name the investors, citing Federal Trade Commission regulations. The company’s website says they include public pension plans and financial institutions.

The fund’s first acquisition will be in Los Angeles.

“These urban markets are experiencing strong population and job growth, making this an ideal time to bring new multifamily inventory to the market,” said Burton in a statement. “Much of this opportunity is due to the demand of Millennials, who are now entering their prime earning and spending years. They are renting longer, and they want apartments that put them in close proximity to jobs, shopping and entertainment.”

CityView, which was started in 2003, manages over $1.2 billion in real estate assets “which are overlooked by others due to transaction and development challenges such as entitlement or environmental issues, political hurdles, or community relations.”

The company is currently developing a 346-apartment building on South Hobart Boulevard and Wilshire Boulevard in Koreatown, which it has named “the Pearl on Wilshire,” and which it expects to complete in 2018.

Finance reporter Caroline Anderson can be reached at [email protected]. Follow her on Twitter @Caroline_Mander.