Mill Creek, QuadReal Launch $421M Multifamily Joint Venture
Boca Raton, FL-based Mill Creek Residential formed a programmatic joint venture with Canada’s QuadReal Property Group. The venture will invest up to $421 million to develop and operate multifamily communities in targeted U.S. markets over the next two to three years. The venture has closed on its first land acquisition for the development of Modera Six Pines (pictured), a proposed Class A apartment community with 429 apartment homes in The Woodlands, TX area.
Mill Creek’s William C. MacDonald says, “QuadReal is a well-respected firm with a depth of experience in the multifamily sector. 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.”
Hodes Weill Securities acted as financial advisor and global placement agent for Mill Creek in connection with the formation and capitalization of the investment JV.
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