The Canadian pension investment corporation has closed on a $421m development joint venture with a Florida-based apartment developer and operator.
The coronavirus pandemic has not spoiled QuadReal’s appetite for multifamily properties.
Earlier this month, the real estate arm of the British Columbia Investment Management Corporation committed $400 million to a joint venture with Mill Creek Residential, a Florida-based developer and operator, PERE has learned.
The total equity size of the joint venture, targeting investments in ground-up developments in the US, is understood to be $421 million, with Mill Creek Residential putting in the remaining $21 million.
The joint venture also recently closed on its first land acquisition, a plot in suburban Houston where the groups aim to develop 429 units of Class A apartments.
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