JV to Complete $1B in Projects Across Four Markets
StoryBuilt and Partners Group have formed a partnership to capitalize, acquire and develop projects across Austin, Dallas, Denver and Seattle.
AUSTIN, TX – Global private markets firm, Partners Group and urban infill commercial community developer, StoryBuilt have formed a joint-venture partnership to work on behalf of clients.
The joint-venture will capitalize and develop 17 of StoryBuilt’s existing pipeline projects, and it will fund future acquisitions and developments across Austin, Dallas, Denver and Seattle.
The partnership plans to complete more than $1 billion worth of multifamily, residential for sale and mixed-use real estate projects within the next four to seven years.
Within these four markets, StoryBuilt has created a growing pipeline of future infill development projects, ranging from single-family home communities to 10-plus acre master-planned communities.
“Partners Group offers StoryBuilt a bold future where we can fast-track our growth and steadily increase our real estate acquisitions and development,” states Anthony Siela, StoryBuilt co-founder. “Strategically, this joint-venture propels StoryBuilt forward in its goal to serving the current and future residents of the most dynamic neighborhoods and cities in the U.S., while becoming a leading national infill developer, owner and operator of residential and mixed-use communities. It will also enable StoryBuilt to execute more efficiently and expand the management services platform organically as well as to third parties.”
“We see strong thematic investing opportunities in the residential market across growth cities,” says Scott Egarian, Partners Group’s member of management, private real estate Americas. “Growth cities, such as Austin, Dallas, Denver and Seattle, are often characterized by rising populations and vibrant economies. The lack of housing in these cities, especially in the infill market close to urban cores, should underpin demand in the years ahead. We believe StoryBuilt has the right proposition and look forward to working with the team as we execute on an existing pipeline of projects and look for new acquisitions.”