A Dutch company and a San Francisco developer are linking up to own and operate high-rise apartment buildings in Brooklyn and Downtown Los Angeles.
MacFarlane Partners of San Francisco and Bouwinvest Real Estate Investors, the Dutch company, revealed they have formed a joint venture focusing on new construction. The venture plans to launch with residential buildings in Brooklyn and Downtown Los Angeles with a total value of $750 million, the Commercial Observer reported.
The joint venture has secured a partial equity interest in the newly built Level BK apartment building at 2 North Sixth Street in Brooklyn, as well as full ownership of the 24-floor Park Fifth apartment building, now under construction across from Pershing Square in Downtown Los Angeles.
Bouwinvest is the majority partner in both developments. MacFarlane, a substantial minority partner, will manage day-to-day operations at the properties.
Aside from the joint venture, MacFarlane has developed a mixed-use transit project near Downtown known as Wilshire Vermont Station. The company also built the Hotel & Residences at L.A. Live. [CO] — Laurie L. Dove