Ivanhoé Cambridge, the real estate investment division of Canada’s Caisse de dépôt et placement du Québec, has joined a joint venture between Goldman Sachs’ Real Estate Principal Investment Area (REPIA) and Charleston, South Carolina-based multifamily manager Greystar Real Estate Partners to own a portfolio of 27 residential properties in the US.
Goldman and Greystar acquired the assets from Equity Residential, the Chicago-based REIT, this year in a $1.5bn (€1.14bn) deal.
Ivanhoé Cambridge did not disclose how much it is investing in the venture, but Sylvain Fortier, executive vice president for residential and hotels, said the transaction was the firm’s largest multifamily investment.
“Ivanhoé Cambridge’s participation in this transaction aligns perfectly with our plan to increase our critical mass with a well-distributed diversification in priority US markets,” added Fortier.
The portfolio of class A and B property comprises 8,010 units in New Jersey, Florida, southern California, the San Francisco Bay area, Washington DC, Phoenix and Denver.
The owners will refurbish the properties.
