Cascade at Landmark, Alexandria, Virginia
Ivanhoé Cambridge has joined a partnership with Goldman, Sachs & Co., Greystar Real Estate Partners and other partners in a portfolio of 27 recent acquisition of the assets from Equity Residential in a transaction valued at US$1.5 billion.properties across the United States. The partnership follows Goldman Sachs and Greystar’s
The portfolio of class-A and class-B apartment communities features 8,010 units located in high-barrier-to-entry markets with strong economic and job growth potential. Most of the assets were built between the years 1990 and 2000 and are located in high-performing sub-markets of key U.S. cities. The partners have agreed to embark upon a multi-year maintenance and renovationprogram for all assets.
“Ivanhoé Cambridge’s significant participation in this transaction aligns perfectly with our strategic plan to seize promising real estate investment opportunities and increase our critical mass with a well-distributed diversification in priority U.S. markets,” Sylvain Fortier, Ivanhoé Cambridge executive vice president, residential and, said in a statement. “We believe we found in Greystar a highly skilled, respected operator and investment partner. The investment and operational expertise of the partnership will serve to strengthen the value of the assets and generate attractive returns for our investors.”
“This transaction fits perfectly in ourstrategy to acquire assets with strong existing cash flows at values below replacement cost located in markets with high employment and population growth,” Greystar Chairman and CEO Bob Faith said in a statement. “We are pleased to begin this relationship with new partners who believe in the strength and growth of this market segment in the United States.”