August 7, 2018
San Francisco-based MacFarlane Partners and Dutch institutional investor Bouwinvest Real Estate Investors formed a joint venture to own and operate newly built residential high-rises in New York and Los Angeles, with a combined total value of $750 million.
The initial two investments are a partial equity interest in Level BK, a 40-story 554-unit rental apartment tower along Brooklyn’s Williamsburg waterfront in New York (pictured above) that was completed earlier this year, and full ownership of the 24-story 347-unit Park Fifth high-rise rental apartment project that is currently under construction in downtown Los Angeles (pictured below).
Bouwinvest’s Gijs Plantinga says, “The new joint venture with MacFarlane Partners is the spearhead for Bouwinvest’s strategy of expanding its investments in North America through co-investments and joint ventures, as we target lifting our assets under management in these markets to €1.5 billion by 2020.”
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