The Cooper in ChicagoSYDNEY–Lendlease and First State Super, one of Australia's largest superannuation funds, have established a venture to invest in the US multifamily sector with the goal of creating a $2 billion portfolio.
New York, Chicago, Boston, San Francisco and Los Angeles are the target cities for its investment and development activities. Lendlease will be the platform's development, construction and investment manager.
Each company is committing $500 million in equity to the new vehicle, which is being seeded with two existing Lendlease multifamily projects in Chicago and Boston that would ultimately be worth more than $400 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
