Mill Creek and QuadReal Launch $421M Multifamily Joint Venture
Mill Creek Residential, a leading multifamily developer and operator specializing in premier communities across the U.S., today announced the formation of 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.
The venture has closed on its first land acquisition for the development of Modera Six Pines, a proposed Class A apartment community with 429 apartment homes in The Woodlands, Texas area.
“QuadReal is a well-respected firm with a depth of experience in the multifamily sector,” said William C. MacDonald, chief executive officer, president and chief investment officer for Mill Creek. “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.”
Tim Works, managing director, Americas for QuadReal, added: “We are pleased to form this new relationship with Mill Creek, a first-rate developer and operator of multifamily communities, with whom we are keen to grow our portfolio of Class A apartment properties throughout the US. Mill Creek and QuadReal share a deep conviction in the asset class and a commitment to building and operating high quality communities.”
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.
About Mill Creek Residential
Mill Creek Residential Trust LLC has raised over $10.6 billion in capital since 2011 and has over $7 billion in current capitalization including four separately managed accounts and various joint ventures. It has a development pipeline valued at approximately $5 billion. The national multifamily company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates multifamily communities through its seasoned team of real estate professionals in 16 offices across the United States. As of December 31, 2019, the company’s portfolio is comprised of 80 communities representing over 21,300 apartment homes that are operating and/or under construction. For more information, please visit www.millcreekplaces.com.
Headquartered in Vancouver, Canada, QuadReal Property Group is a global real estate investment, operating and development company. QuadReal manages the real estate and mortgage programs of British Columbia Investment Management Corporation (BCI), one of Canada’s largest asset managers with a $153.4 billion portfolio. QuadReal manages a $37.6 billion portfolio spanning 23 Global Cities across 17 countries. The company seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves.
About Hodes Weill Securities
Hodes Weill & Associates is a leading, global advisory firm focused on the real estate investment and funds management industry.* The firm has offices in New York, Denver, Hong Kong and London. Founded in 2009, Hodes Weill provides institutional capital raising for funds, transactions, co-investments and separate accounts; M&A, strategic and restructuring advisory services; and fairness and valuation analysis.
*All U.S. regulated capital market and securities advisory services are provided by Hodes Weill Securities, LLC, a registered broker-dealer with the SEC, and a member of FINRA and SIPC, and internationally, by non-U.S. Hodes Weill affiliates.