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LaTerra Development, Canadian Investment Manager Launch $250M Multifamily JV
Los Angeles-based LaTerra Development formed a programmatic JV with Vancouver, Canada-based QuadReal Property Group. The venture will invest up to $250 million in equity to develop and operate multifamily communities in SoCal.
The venture has closed on two land acquisitions, one for the development of 573 apartment homes adjacent to a transit stop in downtown Burbank at 777 N Front St. (pictured). The second is a site at 7617 Santa Monica Blvd. in West Hollywood planned for a 71-unit apartment development.
LaTerra Development’s Charles Tourtellotte says, “QuadReal is a well-respected, world class organization with whom we are honored to partner for our new build to core strategy in Los Angeles, one of the best apartment markets in the country. Los Angeles is at the center of the “techtainment” boom – the intersection of technology and entertainment– but apartment supply has failed to keep pace. The Burbank and West Hollywood markets exemplify this trend, making these two projects excellent assets with which to seed the venture.”
For comments, questions or concerns, please contact Dennis Kaiser
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