Ivanhoé Cambridge joins Goldman-led JV on $1.5bn portfolio

The transaction represents the largest multifamily investment made by the real estate investment arm of Caisse de dépôt et placement du Québec.

Ivanhoé Cambridge, the real estate investment arm of Caisse de dépôt et placement du Québec, has bought into a joint venture between Goldman Sachs’ Real Estate Principal Investment Area (REPIA) and Charleston, South Carolina-based multifamily manager Greystar Real Estate Partners to own a portfolio of 27 multifamily properties across the US.

Goldman and Greystar acquired the assets from Equity Residential, Sam Zell’s Chicago-based REIT, earlier this year in a transaction valued at $1.5 billion. Although Ivanhoé Cambridge declined to disclose how much capital it was investing in the venture, Sylvain Fortier, executive vice president for residential and hotels, said that the transaction constitutes the firm’s largest multifamily investment.

“Ivanhoé Cambridge’s participation in this transaction aligns perfectly with our plan to increase our critical mass with a well-distributed diversification in priority US markets,” added Fortier.

The portfolio of Class A and B multifamily communities features 8,010 units located in New Jersey, Florida, Southern California, the San Francisco Bay Area, Washington DC, Phoenix and Denver. The partners have agreed to launch a renovation program for all of the properties.