Hines, Ivanhoé Cambridge forms multifamily JV in Brazil

Ivanhoé Cambridge and Hines have formed a new joint venture to develop, own, and operate best-in-class multifamily buildings in São Paulo, Brazil.

The venture will have the capacity to invest up to R$750 million ($139 million) of equity to deliver highly amenitized, international-caliber products and services to a market that is lacking in purpose-built multifamily rental projects. Hines’ multifamily property management firm, Willowick Residential, will be responsible for the property management of each project upon completion.

“Ivanhoé Cambridge strongly believes in the global development of the residential rental-housing business and Brazil is no exception. We are very excited to enter the multifamily rental market in São Paulo together with Hines as first movers in the institutionalization of the sector in Brazil”, declared Adriano Mantesso, managing director, head of Latin America, Ivanhoé Cambridge.

“This joint venture with our longtime partne