X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market and the debt and equity markets, click here.)

OAK BROOK, IL-AIG Global Real Estate and Inland Real Estate Development are getting hitched. The newly formed $200-million JV of Inland and an affiliate of New York City-based AIG is designed to hike development throughout the Chicago area, Northern Indiana, Southern Wisconsin and Southwest Michigan. AIG is the real estate investment arm of American International Group Inc.

The funds will be used to the purchase undeveloped land for the purpose of residential development. Matthew Fiascone, senior vice president of locally based Inland Real Estate, said in a statement that the partnership will by buying land throughout the next two years and overseeing the planning and design of development efforts.

In addition to the hands-on management of the venture, Inland Real Estate Development will also bring an initial portfolio of already-closed land acquisitions totaling approximately $60 million.

“Thanks in large measure to the industry-leading resources of AIG Global Real Estate, this venture will enable Inland Real Estate Development to do what it has done for the past decade–but on a larger scale,” added Anthony A. Casaccio, president of Inland Real Estate Development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.