New York Life Investment Management forms $100m JV with Jefferson Apartment Group

Jefferson Apartment Group (JAG), a multifamily developer and operator specializing in premier apartment communities throughout the East Coast, has established a $100 million dollar GP Acquisition Venture with New York Life Investment Management LLC, an indirect, wholly owned subsidiary of New York Life Insurance Co. The goal of the newly established venture is to acquire existing apartment communities for ownership and redevelopment over the next three years.

“Our long-term goal in this venture is to acquire 4,000 apartment units, leveraging additional third-party capital partners as we grow. This strategy will allow us to broaden and expand our portfolio within both major and secondary markets from Boston down to Miami,” remarked Jim Butz, CEO of Jefferson Apartment Group.

The partnership will look to invest in apartment communities that are situated near large, growing centers of employment in areas with lower new supply and within favorable school districts. In