Mill Creek Residential, based in Boca Raton, Fla., recently announced a joint venture with Canadian firm QuadReal that will be seeking $421 million worth of multifamily investment opportunities over the next three years. 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.
"QuadReal is a well-respected firm with a depth of experience in the multifamily sector," said William C. MacDonald, CEO, 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."
The company officially christened things by closing on its first land acquisition for the development of Modera Six Pines, a proposed Class A apartment community with 429 apartment homes. The site is in The Woodlands, a large master-planned community about 35 miles north of Houston.
Tim Works, managing director, Americas, for QuadReal, said, "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 U.S. Mill Creek and QuadReal share a deep conviction in the asset class and a commitment to building and operating high-quality communities."