DALLAS-Mill Creek Residential Trust LLC and Rockwood Capital have formed a new joint venture partnership to invest in multifamily properties across the US. The partnership is seeded with a $200 million investment by Rockwood Capital and Crow Holdings.
White Plains, NY-based Rockwood Capital LLC is a real estate investment firm, while locally-based Crow Holdings is the investment firm that owns and directs the investments of the Trammell Crow family and its investment partners.
The partnership comes just months after the initial formation of Mill Creek Residential Trust. The JV will invest in apartment development and acquisitions, targeting 14 core market areas that have been historically profitable and demonstrate above average population growth, strong employment characteristics and consistent and sizeable institutional investment demand.
Mill Creek Residential Trust’s senior management team is comprised entirely comprised of former Trammell Crow Residential veterans including: Charles R. Brindell, Jr.; Michael A. Collins; William C. MacDonald; Mark R. Dempsey; and Michael Melaugh. On average, the firm’s senior management team has 28 years of industry experience.
Brindell serves as chairman and CEO of Mill Creek Residential Trust, which includes more than 90 employees, many of whom have worked with senior management team for many years.
"We have enjoyed a long history and a mutually beneficial relationship through the years with many of the Mill Creek executives," says Harlan Crow, chairman and CEO of Crow Holdings. "Because of our long history together, we look forward to continuing the relationship through sound investment opportunities sponsored by the Mill Creek team."
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