Mill Creek, QuadReal Form $421M Multifamily JV
The venture has closed on its first land acquisition for the development of a proposed Class A, 429-unit apartment community in The Woodlands, Texas area
BOCA RATON, FL—Locally-based Mill Creek Residential, a multifamily developer and operator with communities across the US, has formed a programmatic joint venture with QuadReal Property Group, a global real estate investment firm. The venture will invest up to $421 million to develop and operate multifamily communities in targeted US markets over the next two to three years.
David Reynolds, executive managing director of Investment Management for Mill Creek Residential, tells GlobeSt.com that the joint venture will seek development opportunities in states on the East and West coasts, plus in Texas, Phoenix and Denver.
The venture has closed on its first land acquisition for the development of Modera Six Pines, a 429-unit, proposed Class A apartment community in The Woodlands, Texas area. Reynolds says a date hasn’t been set for construction to commence, but when it does it will take about two years. The joint venture is reviewing other opportunities, but is not ready to reveal locations.
Hodes Weill Securities acted as financial advisor and global placement agent for Mill Creek in connection with the formation and capitalization of the investment joint venture.