US-based multifamily developer Mill Creek Residential and QuadReal Property Group, a real estate investment firm, have formed a joint venture to invest up to $421m to build multifamily communities in the US.

Over the next two to three years, the joint venture plans to build and operate the multifamily communities in the targeted US markets.

Mill Creek CEO, president and chief investment officer William MacDonald said: “QuadReal is a well-respected firm with a depth of experience in the multifamily sector.

“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.”

As part of the plan, the joint venture has made its first land acquisition for the development of Class A apartment community.

Named Modera Six Pines, the new community will comprise 429 apartment homes in The Woodlands, Texas area.

QuadReal Americas managing director Tim Works 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 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 served as financial advisor and global placement agent for Mill Creek for the formation of the joint venture and capitalisation of the investment.

Mill Creek Residential and QuadReal Property will build multifamily communities in the US. (Credit: Free-Photos from Pixabay)