LaTerra JV will plow $250M into SoCal multifamily projects

Century City-based developer and Canadian pension fund QuadReal Property will start with 573-unit construction in LA

Los Angeles /
Jun.June 10, 2020 10:00 AM
Charles Tourtellotte, Jonathan Dubois-Phillips, and a rendering of the project
Charles Tourtellotte, Jonathan Dubois-Phillips, and a rendering of the project

A Canadian pension fund has partnered with LaTerra Development to invest $250 million into multifamily properties across Southern California.

QuadReal Property Group, the real estate investment arm of the British Columbia public employees’ pension, has committed to the funding in its joint venture with Century City-based LaTerra, according to PERE News.

The duo will invest that money within three years, starting with two of LaTerra’s recent projects: the shovel-ready 573-unit LaTerra Select Burbank development and a 71-unit construction in West Hollywood.

LaTerra received approval from the city of Burbank for the LaTerra Select project late last year. Last week, it closed a $40 million deal for the project development site.

The firm is also building a 246-unit apartment complex in East Hollywood and a 52-unit project in Mar Vista, although it’s not clear whether any QuadReal joint venture cash will finance either of those.

QuadReal is the mortgage and real estate investment arm of the British Columbia Investment Management Corporation. BCI manages around $145 billion in assets for a number of pension funds and public entities, according to its website.

QuadReal’s president of international real estate, Jonathan Dubois-Phillips, said the firm wants to grow international real estate holdings. L.A. was targeted because of supply constraints.

Dubois-Phillips said QuadReal partnered with LaTerra because of its local industry knowledge, which he said was key to cracking a difficult market for institutional investors. [PERE News]Dennis Lynch


Related Articles

arrow_forward_ios
Black Equities Group's Stanley Black and Equity Residential's Mark J. Parrell. (Apartments.com, Getty, Equity Residential)
How Suite it is: Sam Zell’s Equity Residential sells SaMo rental complex
How Suite it is: Sam Zell’s Equity Residential sells SaMo rental complex
5001 Wilshire Blvd. (Getty, 42 Floors)
From retail to residential: Apartment complex may replace strip mall
From retail to residential: Apartment complex may replace strip mall
Moda at Monrovia Station and Opportunity Housing Group President Lauren Seaver (Google Maps)
Workforce housing investor pays $100M for Monrovia apartments
Workforce housing investor pays $100M for Monrovia apartments
CIM Group co-founders Shaul Kuba, Avi Shemesh, Richard Ressler and the site for the project. (Google Maps, CIM)
CIM Group plans 168-unit mixed-use complex in West Adams
CIM Group plans 168-unit mixed-use complex in West Adams
Rendering of Onni Group's Arts District project
Onni Group’s Arts District tower project clears key hurdle
Onni Group’s Arts District tower project clears key hurdle
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Some LA landlords tap savings, may sell properties to stay afloat
Some LA landlords tap savings, may sell properties to stay afloat
Landmark Properties President and CEO J. Wesley Rogers. (Landmark, Google Maps)
Landmark Properties revamps rental project near UCLA
Landmark Properties revamps rental project near UCLA
JRK CEO Jim Lippman and The Harrison Glendale. (Molasky, Twitter via Jim Lippman)
Multifamily landlord JRK Property pays $91M for Glendale complex
Multifamily landlord JRK Property pays $91M for Glendale complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...