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New JV to Target Multifamily

SAN DIEGO-Locally based Crown Pacific Properties LLC has joined up with AEW Partners IV LP (a fund managed by Boston-based AEW Capital Management LP) to form a joint venture partnership that will focus on institutional-quality multifamily assets in the Western US.

By Erin Cassin | Updated on March 14, 2004

SAN DIEGO-Locally based Crown Pacific Properties LLC and a fund of Boston-based AEW Capital Management LP have joined forces to create a new joint venture partnership focused solely on multifamily product located throughout the Western US.

The JV between Crown Pacific Properties and AEW Partners IV LP will “invest in multifamily properties in the Western United States in markets that have suffered through some distress in recent years,” CPP executive vice president and managing partner Greg Anderson tells GlobeSt.com. “Weak employment growth, strong residential sales markets and large supplies of multifamily housing have impacted some of these markets and we think that there are some that are poised for recovery.”

Once multifamily properties are acquired, the JV will probably hold on to them for about three to five years, Anderson says. He notes that the JV’s exit strategy will vary on “a deal-by-deal basis,” but that the hold times will adhere to the divestment periods required of AEW’s opportunity funds.

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