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.
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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.
The companies value the US multifamily sector at more than $3 trillion and say that it has delivered higher and less volatile returns than most major US real estate sectors during the past 25 years. They point to the shift towards renting in the US as one driver behind this performance.
Lendlease Americas CEO Denis Hickey said that over time new investors will have access to this portfolio of multifamily assets.
Lendlease has been stepping up its presence in the US market of late. It recently announced the appointment of Ben Symons as general manager of its Construction business in Los Angeles. And earlier this year it announced the first of five residential high-rises it will be developing in Chicago. Called The Cooper, it will be located at Southbank in Chicago's South Loop.
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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.
