National Development’s 7INK by Ollie project at 217 Albany St. in South End is expected to offer 327 individually leased bedrooms in a 14-story tower.

National Development’s investment management arm Charles River Realty Investors said in a statement released Tuesday that it has closed its fourth fund after raising $400 million and will be combining with its Newton-based parent to form a vertically-integrated real estate investment, development, construction and operating company.

Since Charles River’s formation in 2006 as National Development’s investment management platform, the firms have committed over $4 billion in real estate investments, mainly targeted at urban and mixed-use development, redevelopment and renovation/repositioning. Prior to raising its Fund 4, Charles River had raised and invested nearly $1 billion of capital in these projects.

The combined firm will be known as National Development, with Brian Kavoogian becoming a managing partner and a member of the firm’s executive committee. He will continue to have a primary focus on the firm’s new investment activity. Going forward, National Development said it plans no changes in its approach and strategy, with a focus on creating great places and providing its investors with attractive risk-adjusted returns.

“Combining the firms is a natural extension of our long-term relationship and synergies,” Kavoogian said in a statement. “This will strengthen our platform and will be seamless for our investors and partners.”