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Inland and AIG Form $200M JV

OAK BROOK, IL-The move is geared to allow for further development throughout the Chicago area, Northern Indiana, Southern Wisconsin and Southwest Michigan.

By Dana Dubriwny | Updated on August 29, 2006

(To read more on the multifamily market and the debt and equity markets, click here.)

OAK BROOK, IL-AIG Global Real Estate and Inland Real Estate Development are getting hitched. The newly formed $200-million JV of Inland and an affiliate of New York City-based AIG is designed to hike development throughout the Chicago area, Northern Indiana, Southern Wisconsin and Southwest Michigan. AIG is the real estate investment arm of American International Group Inc.

The funds will be used to the purchase undeveloped land for the purpose of residential development. Matthew Fiascone, senior vice president of locally based Inland Real Estate, said in a statement that the partnership will by buying land throughout the next two years and overseeing the planning and design of development efforts.

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