Singapore-based CapitaLand has formed a programmatic joint venture to scale its multifamily asset portfolio in the United States.
Through the joint venture, CapitaLand will have a strategic arrangement with its joint venture partner to acquire and develop multifamily assets totaling $300 million.
The joint venture partner is an Austin, Texas-headquartered real estate investment, development and property management firm. The joint venture will invest in multifamily assets in the Southeast and Southwest markets of the United States, with an initial focus on Austin.
CapitaLand and its partner have acquired a freehold land parcel in the high-growth, technology-driven city of Austin to develop the joint venture’s first multifamily project. CapitaLand holds an 80 percent stake in the project, while its partner holds the remaining 20 percent. The 4.71-acre land parcel will be developed into a modern, mid-rise and green 341-unit suburban multifamily property, expected
