Commercial/Multifamily Briefs, March 2, 2023

Mill Creek Grows Investment Management Platform

Mill Creek Residential, Boca Raton, Fla., formed four new investment vehicles to invest in U.S. residential rental real estate. The vehicles include two separately managed accounts to develop single-family rental communities, an investment partnership to develop multifamily communities and Mill Creek’s first commingled fund to continue Mill Creek’s value-add acquisitions strategy.

The two separate managed accounts focused on single-family rental development represent newly formed investment programs – one with PCCP LLC, a US-based commercial real estate investment manager with more than $20 billion of AUM, and the second with a large global financial institution.

The investment partnership focused on multifamily development represents a follow-on commitment from QuadReal Property Group, a Canadian-based global real estate investment firm with more than CAD $70 billion of AUM. The Mill Creek Multifamily Value-Add Fund includes both existing and new clients of Mill Creek.

The three development vehicles have substantial identified pipelines which Mill Creek expects to execute on over the next 18 to 36 months, including several communities expected to commence construction over the next six months. In addition, Mill Creek anticipates that the Value-Add Fund will capitalize on an increasingly dynamic acquisitions environment in 2023.

LightBox Expands its Connected Data Offering With National Zoning Data

LightBox expanded its connected data offering with national zoning data. The national zoning data provides customers with a single, centralized and standardized source for parcel-level zoning data across the United States.

Detailed information on zoning requirements, setbacks, density, building height and more, are available and standardized across the jurisdictions, enabling customers to streamline acquisition search across geographies and ultimately make better informed investments decisions around land use.