Atlanta-based Crown Holdings Group has entered into a joint venture with Stern Resources Inc., a New York-based investment holding company which is leading a $250-million investment into purchasing, developing and growing Crown Holdings’ multifamily portfolio.
Crown Holdings, which has invested approximately $1 billion in the Southeast over the past decade, plans to put approximately 30% of the funds into building additional workforce housing in the Atlanta MSA as part of the partnership with Stern.
Crown will also invest the funds in workforce housing development projects in Texas, initially focusing on Houston, as well as in residential and resort developments in Florida.
“The collaboration with Crown Holdings fits seamlessly with Stern Resources’ strategy of partnering with talented investment companies and management teams, in assets that when developed are stable, well positioned in attractive markets, and poised for continued growth,” said Hartadinata Harianto, head of Stern Resources Private Capital Group.
Pictured: Crown Holdings’ Birch Run Apartments in Clarkston, GA.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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