Multifamily

BOCA RATON, FLA. — Mill Creek Residential, a Florida-based multifamily development firm, has launched a joint venture with Canadian global investment firm Quadreal Property Group. The two companies have partnered on an initiative to invest up to $421 million in the development and operation of apartment communities in targeted U.S. markets over the next two to three years. Specific target markets were not identified. The joint venture has already acquired land for its first development. Modera Six Pines will be a 429-unit multifamily project in The Woodlands, Texas, located about 30 miles north of Houston. “QuadReal is a well-respected firm with a depth of experience in the multifamily sector,” says William MacDonald, CEO, president and chief investment officer for Mill Creek. “This venture serves as an important step in further developing our investment management business.” Hodes Weill Securities acted as financial advisor and global placement agent for Mill Creek in connection with the formation and capitalization of the joint venture. Mill Creek Residential, which has 16 offices across the United States, owns and operates a portfolio of roughly 80 communities totaling 21,300 apartments. Headquartered in Vancouver, Canada, QuadReal Property Group manages a $37.6 billion portfolio spanning 23 cities and 17 countries. …