Canadian real estate investor Ivanhoé Cambridge has made a $150 million preferred equity investment in Mount Auburn Multifamily, a private real estate company in the U.S.
As part of the investment, Ivanhoé Cambridge will join the board of Mount Auburn and gain exposure to a diversified portfolio of multifamily properties.
Ivanhoé Cambridge and Mount Auburn first teamed up in June of 2021 launching a programmatic joint venture aimed at providing developers with an easy path to capitalizing projects in cities where there is a shortage of housing, according to a join statement by companies.
“This investment from Ivanhoé Cambridge was the next natural evolution in expanding our partnership and we welcome the global perspective that Ivanhoé Cambridge will bring to our board,” said Daniel Pearson, SVP Multifamily at Mount Auburn.
Charles-Antoine Lussier, Ivanhoé Cambridge Senior Vice President said, “We continue to view U.S. multifamily as an attractive asset class and this investment into Mount Auburn allows us to gain exposure into a portfolio that contains more than 10,000 units in markets that are well-positioned for durable growth.”
“We are pleased to be invested in Mount Auburn and continue to grow our relationship with the group. This is another step towards the diversification of our residential investments,” he added.