ASRS, Mill Creek Management acquire all outstanding shares of Mill Creek Residential Trust

Mill Creek Residential, a multifamily investor and operator specializing in apartment communities across the United States, announced that its management shareholders and the Arizona State Retirement System (ASRS) have closed on the acquisition of 100 percent of the outstanding shares in Mill Creek Residential Trust.

The shares were acquired from Rockwood, Crow Holdings, and current and former management shareholders. The Arizona State Retirement System and current management of Mill Creek Residential are now the sole shareholders in the organization. The transaction aligns Mill Creek Residential’s management team with a long-horizon investor in ASRS that offers additional capital and a deep breadth of experience.

Through the Mill Creek platform, ASRS gains access to multiple investment strategies across the multifamily asset class. Mill Creek’s platform currently consists of 71 communities representing more than 19,100 apartment homes that are operating or under construction in many of the nation’s most desirable apartment markets.

Mill Creek and ASRS will continue to seek investments that center on strategic, long-term opportunities.