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CEDARst, Quartz Lake Target Multifamily with JV Investment Fund

CEDARst Companies and Quartz Lake Capital, both headquartered in Chicago, have formed a strategic joint venture investment fund to target infill multifamily development opportunities.  The JV will invest $300 million of equity capital in target markets across the U.S., a level of equity that translates into a a gross multifamily development portfolio of approximately $1 billion. 

“The timing of this transaction could not have been better,” said Will Murphy, CEDARst’s CEO. “Cedar’s ongoing national expansion will be accelerated through this partnership with Quartz Lake Capital amid a period of tremendous demand for rental housing.” 

CEDARst currently manages a portfolio of multifamily real estate in excess of $1.5 billion, totaling more than 5,000 units across several markets, including Chicago, San Diego, Portland, Minneapolis and Cleveland. The JV will target Class A development projects ranging in size from $75 to $125 million and located in infill urban target markets. 

Pictured: CEDARst’s The Draper in Chicago.


Inside The Story

CEDARstQuartz Lake

About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Development
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