LaTerra Development has teamed up with the real estate arm of British Columbia Investment Management Corporation to invest up to $250m (€220m) to develop and operate multifamily communities in Southern California.
Los Angeles-based developer LaTerra said the joint venture with QuadReal Property Group will focus on build-to-core multifamily assets in Greater Los Angeles.
LaTerra said the venture has bought a site for the development of 573 apartment homes adjacent to a transit stop in downtown Burbank at 777 N Front Street, Burbank.
The partnership has also acquired a second land site for the development of 71 apartment homes in West Hollywood at 7617 Santa Monica Blvd, West Hollywood.
Charles Tourtellotte, LaTerra Development CEO, said: “QuadReal is a well-respected, world class organisation with whom we are honoured to partner for our new build to core strategy in Los Angeles, one of the best apartment markets in the country.”
Tim Works, QuadReal Americas MD, said: “Los Angeles has extremely high barriers to entry, and we are excited to partner with a local operator that has significant entitlement expertise and reach into the local market.
“Burbank and West Hollywood are sites that LaTerra spent years entitling, allowing QuadReal to immediately gain access to two of the best submarkets in Los Angeles.”
Jonathan Dubois-Phillips, QuadReal international president, said: “Investing in global markets with constrained housing supply encourages our investment of time and resources, especially when demand is strong and increasing. Our convictions and commitments are long term focused.
”We aim to see beyond short term dislocations if not seek opportunity within them.”
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