Multifamily developer and operator Mill Creek Residential and global real estate investment firm QuadReal Property Group have formed a joint venture to invest up to $421 million to develop and operate multifamily communities in the US market over the next two to three years.
The joint venture has acquired its first land for the development of Modera Six Pines, a proposed Class A apartment community with 429 apartment homes in The Woodlands, Texas area.
“QuadReal is a well-respected firm with a depth of experience in the multifamily sector,” said William C. MacDonald, chief executive officer, president and chief investment officer for Mill Creek in a press release.
“We are looking forward to working with this world-class organization to grow our portfolio of high-quality, award-winning communities in some of the most desirable markets in the country. This venture serves as an important step in further developing our investment management business,” he added.
“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 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,” added Tim Works, managing director, Americas for QuadReal.
Hodes Weill Securities acted as financial advisor and global placement agent for Mill Creek in connection with the formation and capitalization of the investment joint venture.