The article below was featured in Globest.com. Our Sperry Van Ness office in North Alabama would like to share this article with you. The Huntsville, AL SVN commerical real estate office is operated by Ava Terry, Broker and Neil Victor, CCIM along with Terri Dean.
TORONTO-Fresh off a $2 billion office joint venture announcement this month, the locally based Canada Pension Plan Investment Board says it is investing $355 million into seven US properties. The multifamily assets, both existing and under development, are located in the San Francisco, Chicago and Dallas markets.
The pension board covers about 18 million Canadian contributors and beneficiaries, with a fund totaling about $162 billion as of April. In early July, the board completed its largest real estate investment to date when it formed a joint venture with Lend Lease Corp. to develop and hold two office towers for $2 billion
In today’s announcement, the board said it has joined with other ventures in three states to develop and own apartment complexes. The investment includes a 44% interest in 360 W. Hubbard, a 450-unit development that includes partners Multi-Employer Property Trust, the Habitat Co. and Bentall Kennedy, the latter which will manage the property. Also, the board took a 45% stake in two of Essex Property Trust’s projects, a 463-unit development in San Francisco and West Dublin BART, a 309-unit project in Dublin, CA.
The board also has taken a 45% interest in four multifamily properties in projects and properties by AMLI Residential. These include the 700-unit AMLI at the Ballpark in Frisco, TX; the 440-unit AMLI 900 and 398-unit AMLI Lofts towers in Chicago; and the 294-unit AMLI Museum Gardens in Vernon Hills, IL.
Peter Ballon, VP and head of the board’s real estate investments for the Americas, said in a statement that the US multifamily market remains an attractive sector for the board. “We believe that the limited supply of high-quality rental properties, and other broad demographic trends such as forecast population growth, declining home ownership and echo-boom generation reaching peak rental propensity, all support continued growth,” he said. The board now has interests in more than 6,000 units in seven US markets, totaling about $912 million.
Robert Carr Robert Carr has been a newspaper reporter/editor since 1989, and has also covered commercial real estate news for various publications since 1996. He specializes in the Midwest, including Chicago, the third largest US market; and also covers all news happening in Europe, Asia, Australia, South America, the Middle East and Canada. Carr also serves as a public affairs officer in the US Navy Reserves.
Sperry Van Ness International has specialists in all disciplines of commercial real estate brokerage. Members of the Sperry Van Ness Multi Family Team, Auction Team, Sale-Lease back,Asset Recovery mini-storage team and other teams are comprised of Commercial Real Estate professional brokers of the highest caliber who are experts in their fields.
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