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AUSTIN, TX - CapitaLand has formed a programmatic joint venture to scale its multifamily asset portfolio in the United States of America (USA). Through the joint venture, CapitaLand will have a strategic arrangement with its joint venture partner to acquire and develop multifamily assets totaling US$300 million $416.1 million in gross asset value. The joint venture partner is an Austin-headquartered real estate investment, development and property management firm. The joint venture will invest in multifamily assets in the Southeast and Southwest markets of the USA, with an initial focus on Austin, Texas.
CapitaLand and its partner have acquired a freehold land parcel in the high growth, technology-driven city of Austin to develop the joint venture s first multifamily project. CapitaLand holds an 80% stake in the project while its partner holds the remaining 20%. The 4.71-acre land parcel will be developed into a modern, mid-rise and green 341-unit suburban multifamily prope