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Cedar Pacific and Sumitomo Forestry will join forces on a $1.2 billion portfolio of build-to-rent towers that will use plenty of timber in their construction.
The family-owned developer is one of the few local private players gaining scale in the burgeoning build-to-rent sector, now a $17 billion asset class.
Cedar Pacific is joining the rush into build-to-rent with a $500 million raise for its new BTR platform which has two seed projects and nine more in the wings.
Craig Carracher and Stephen Gaitanos’ plans to enter the build-to-rent sector comes after government threw it support behind it with favourable tax changes.