Cypress Equity Investments is getting more capital to build out its multifamily and life sciences portfolio through a new joint venture.
The Los Angeles-based firm has formed a JV with Winter Properties with a focus on housing and life sciences, including some combination projects, the firms announced this week. Winter Properties is a branch of New York-based Standard Industries.
Winter Properties will participate in all of Cypress Equity’s future projects, providing capital for development and acquisitions, according to Cypress Equity founder Michael Sorochinsky. Winter Properties contributions to the venture will vary depending on the deal.
Sorochinsky is hoping his firm will spend around $1.5 billion in 2022 with the help of Winter Properties, up from an average of around $1 billion per year now.
Cypress Equity and Winter Properties have already teamed up on an over-2 million-square-foot life sciences and housing project in Boston, for which they secured $239 million in construction financing from Bank OZK in February. The firms are also considering adding a life sciences component to a 800-unit residential project at the former Naval base in Alameda.
The JV partners plan to expand into new markets, including San Antonio, Austin, Phoenix and locations in Oregon. Those markets will be overseen by new offices in Denver and Dallas, Sorochinsky said.
Cypress Equity is hoping to eventually build out a team for the Southeast to consider investment in various markets, with Atlanta on their radar.
In Los Angeles, the company is still moving forward with plans to build a 115-unit residential complex in Santa Monica.