Canadian Pension Giant CDPQ Backs Multifamily Development Investor Mount Auburn Multifamily
Posted on 07/06/2021
Ivanhoé Cambridge, the real estate arm of Caisse de depot et placement du Quebec, and Los Angeles-based Mount Auburn Multifamily LLC constructed a joint venture to invest in preferred equity for ground-up multifamily developments throughout the U.S. The partnership will further Mount Auburn’s existing investment strategy focused on millennial migration to secondary markets exhibiting low-cost, business friendly environments, high population growth, and low cost of living. The partnership’s primary target markets include Atlanta, Austin, Charlotte, Columbus, Dallas/Fort Worth, Denver, Houston, Indianapolis, Jacksonville, Louisville, Nashville, Orlando, Phoenix, Raleigh, Salt Lake City, San Antonio, Tampa, and Washington, D.C. suburbs. Mount Auburn, with $2 billion in assets under management representing more than 10,000 units across the country, intends to utilize existing, and create new, relationships with best-in-class regional developers and owners.
Ivanhoé Cambridge has been particularly active in the US residential market lately with more than 40 000 units in assets. It plans to continue growing its residential asset class with targeted partners in different areas, increasing the number of development projects to meet community needs and demographic changes.
“U.S. multifamily continues to offer compelling returns for Ivanhoé Cambridge and the partnership with Mount Auburn provides us with an opportunity to diversify our U.S. multifamily portfolio into markets that are well-positioned for durable growth,” said Charles-Antoine Lussier, Ivanhoé Cambridge Senior Vice President in a press release. “We are happy to partner with Mount Auburn on this joint venture. This is a first step and we look forward to expand our relationship in the future.”
Mount Auburn Multifamily, through Bluestone Property Management, is a vertically integrated real estate company with over 200 employees. K. Conly Chi, a former real estate attorney at Sullivan & Cromwell is a co-founder of Mount Auburn Multifamily. The other-founders of the RE firm are Jarvan Shen, Brad Galinson (former Senior Vice President of Home Shopping Network), and Jeffrey Lubow.