Ivanhoé Cambridge and Mount Auburn Multifamily have formed a joint venture to invest in preferred equity for ground-up multifamily developments throughout the United States. The venture’s goal is to provide an easy path for developers to bring more housing to the market.
The partnership will further Mount Auburn’s existing investment strategy focused on millennial migration to secondary markets exhibiting low-cost, business friendly environments, high population growth and low cost-of-living. The partnership’s primary target markets include Atlanta; Austin, Texas; Charlotte, North Carolina; Columbus, Ohio; Dallas/Fort Worth; Denver; Houston; Indianapolis; Jacksonville, Florida; Louisville, Kentucky; Nashville, Tennessee; Orlando, Florida; Phoenix; Raleigh; North Carolina; Salt Lake City; Utah; San Antonio, Texas; Tampa, Florida; and Washington, D.C.
Ivanhoé Cambridge has been particularly active in the U.S. residential market lately with more than 40,000 units in assets. It plans to continue growing its residential asset class with targeted partners in different areas, increasing the number of development projects to meet community needs and demographic changes.
Mount Auburn, with $2 billion in assets under management representing more than 10,000 units across the country, intends to utilize existing, and create new, relationships with best-in-class regional developers and owners.