The Cresco Capital Group Fund 1 LP raised capital commitments of €110 million ($121 million) from large European and Asian family offices, Cresco said in a statement. The firm expects to close the fund by the end of this year at €200 million.

Cresco teamed up with LJ Partnership back in 2013 to create Cresco Urban Yurt, a real estate platform focused on the development and operation of micro apartments in German major cities and university towns. Since then, LJ Partnership’s clients and shareholders have committed €100 million in equity capital to ongoing developments, in addition to the fund.

Over the past decade, Cresco has invested more than €700 million in properties across Germany, including hotel developments, retail properties, offices, and residential estates.

“The successful first close of the Cresco Capital Group Fund 1 LP is indicative of strong investor confidence in both Cresco and the real estate segments on which it focuses,” said Andrew Williams, chief executive of LJ Partnership.

“We consider the micro apartment segment to be particularly attractive given the growing demand for this type of accommodation in Germany and we look forward to working in partnership with Cresco on many more projects in the future.”