NEW YORK, NY – Investment management firm, Canada Pension Plan Investment Board (CPP Investments) and the wholly-owned subsidiary of Lennar Corp., LMC have formed a $979 million joint-venture to develop class A multifamily communities in major US markets.
CPP Investments will own a 96% stake in the joint-venture, while LMC will own the remaining 4%.
The partnership will develop urban and suburban communities situated across high-growth metropolitan markets in the US.
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The joint-venture will launch with five seed assets that will total 1,371 apartment homes, including one community in Boston, one in Miami and three in Denver.
Utilizing LMC's fully-integrated development management, construction management, property management and investment management platforms, the joint-venture will leverage LMC's development and construction expertise to build the communities at an attractive cost.
"This investment is an excellent opportunity to meet the strong demand for high-quality multifamily housing," states Peter Ballon, managing director and global head of real estate at CPP Investments. "We are pleased to work alongside a best-in-class partner like LMC to continue to build our portfolio of multifamily investments, which we believe will deliver steady, long-term returns for the CPP Fund."
LMC president Todd Farrell adds, "This joint-venture specifically targets high-growth markets where the housing supply hasn't kept pace with renter demand, and we are proud to be part of the solution. Our partnership with CPP Investments enables us to deliver on our mission to create extraordinary communities where people can live remarkably. We look forward to delivering on that vision with these five initial assets, as well as all future endeavors with CPP Investments."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
