Mill Creek Residential has raised $1.2bn (€1.1m) through four new investment vehicles to invest in the US residential rental sector.

The US rental housing investor said it has created two separately managed accounts, one with commercial real estate investment manager PCCP and the other with a “large global financial institution” to develop single-family rental communities.

Mill Creek has also set up an investment partnership via a follow-on commitment from QuadReal Property, to develop multifamily communities and has also launched its first fund, the Mill Creek Multifamily Value-Add Fund.

The fund is backed by both existing and new clients of Mill Creek, the manager said.

Mill Creek said the three development vehicles have identified pipelines and expect to execute over the next 18 to 36 months. 

William C MacDonald, the chairman, CEO and president of Mill Creek, said: “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 US.

“These investment programmes, 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.”

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