December 8, 2020
Singapore-based CapitaLand has formed a programmatic joint venture to scale its multifamily asset portfolio in the U.S., with an initial focus on Austin. CapitaLand will have a strategic arrangement with its JV partner, an Austin-based investment, development and property management firm, to acquire and develop multifamily assets totaling US$300 million.
The JV has acquired a 4.71-acre parcel that will contain a mid-rise, 341-unit suburban multifamily property, expected to be completed in 2023. CapitaLand’s partner, which controls 20% of the JV, has developed more than 25,000 multifamily units across high-growth and resilient markets since its inception 25 years ago.
Jason Leow, president, Singapore & international at CapitaLand, said the acquisition of the Austin site and a potential pipeline of projects in the Southeast and Southwest “will accelerate CapitaLand’s growth in the resilient multifamily sector.” The company made its first U.S. acquisition in 2018, acquiring a 16-property portfolio.
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