Mill Creek Grows Investment Management Platform
Capital to be Invested Over Next Two to Three Years
BOCA RATON, Fla., Feb. 16, 2023 /PRNewswire/ — Mill Creek Residential, a vertically-integrated industry leader in the investment, acquisition, development, construction and management of premier rental housing across the U.S., announces today the formation of four new investment vehicles to invest in the US residential rental sector. These vehicles include two separately managed accounts to develop single-family rental communities, an investment partnership to develop multifamily communities, and Mill Creek’s first commingled fund to continue Mill Creek’s value-add acquisitions strategy.
The two separate managed accounts focused on single-family rental development represent newly-formed investment programs – one with PCCP, LLC, a US-based commercial real estate investment manager with more than $20 billion of AUM, and the second with a large global financial institution.
The investment partnership focused on multifamily development represents a follow-on commitment from QuadReal Property Group, a Canadian-based global real estate investment firm with more than CAD $70 billion of AUM. The Mill Creek Multifamily Value-Add Fund includes both existing and new clients of Mill Creek.
The three development vehicles have substantial identified pipelines which Mill Creek expects to execute on over the next 18 to 36 months, including several communities expected to commence construction over the next six months. In addition, Mill Creek anticipates that the Value-Add Fund will capitalize on an increasingly dynamic acquisitions environment in 2023.
“We are thrilled to form three new partnerships to invest in the highly attractive single-family rental space and to continue our value-add acquisitions strategy. We are equally appreciative of the continued support from QuadReal to continue to develop best-in-class multifamily communities across the U.S.,” said William C. MacDonald, chairman, chief executive officer, and president of Mill Creek. “These investment programs, with some of the most highly regarded institutions, are a testament to the investment management platform we have built over the last several years, and while the current environment is not without its challenges, we believe our cycle-tested team is uniquely positioned to execute on behalf of our partners to build and grow world-class portfolios of residential communities.”
Hodes Weill Securities acted as financial advisor and global placement agent for Mill Creek in connection with the formation and capitalization of the four investment vehicles.
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