QuadReal Property Group and Mill Creek Residential have formed a joint venture that will invest up to $421m to develop and operate multifamily (Build to Rent) communities in targeted areas in the US over the next few years.
QuadReal is the real estate arm of the British Columbia Investment management corporation, one of the largest asset managers in Canada. They’ve committed to a $400 million venture with Mill Creek Residential – a Florida based multifamily developer and operator, who are putting in the remaining $21m.
The venture has closed on its first land acquisition for the development of Modera Six Pines, a proposed luxury apartment community with 429 apartment homes in The Woodlands, Texas area. The venture shows the confidence in the multifamily market in the US and the future demands for multifamily properties.
“We are pleased to form this new relationship with Mill Creek, a first-rate developer and operator of multifamily communities, with whom we are keen to grow our portfolio of Class A [luxury] apartment properties throughout the US.
“Mill Creek and QuadReal share a deep conviction in the asset class and a commitment to building and operating high quality communities.”Tim Works, Managing Director, Americas for QuadReal
Other than this new venture, QuadReal have a portfolio of 50,000 apartments which are completed or currently under construction.