The investments will target Atlanta; Austin, Texas; Charlotte, N.C.; Columbus, Ohio; Dallas/Fort Worth; Denver; Houston; Indianapolis; Jacksonville, Fla.; Louisville, Ky.; Nashville, Tenn.; Orlando, Fla.; Phoenix; Raleigh, N.C.; Salt Lake City; San Antonio, Texas; Tampa, Fla.; and the suburbs of Washington, D.C.
The partnership, according to the company, will further Mount Auburn’s focus on “millennial migration to secondary markets exhibiting low-cost, business-friendly environments, high population growth and low cost of living.”
The company has $2 billion in assets under management made up of 10,000 units
nationwide.
“Partnering with Ivanhoé Cambridge is a transformational relationship that allows Mount Auburn to capitalize on the explosive demand growth in secondary markets that we have seen for over a decade,” Matt Pavlovich, executive vice president for Mount Auburn, said in a statement.
“Ivanhoé Cambridge is a sophisticated, long-term-oriented partner, and we look forward to assembling a distinguished portfolio together. This is only the beginning for our partnership together,” he added.
Ivanhoé Cambridge, which is based in Canada, has more than 40,000 units in its U.S. portfolio and is looking to expand that number.
“U.S. multifamily continues to offer compelling returns for Ivanhoé Cambridge, and the partnership with Mount Auburn provides us with an opportunity to diversify our U.S. multifamily portfolio into markets that are well-positioned for durable growth,” Charles-Antoine Lussier, senior vice president at Ivanhoé Cambridge, said in a statement.
“We are happy to partner with Mount Auburn on this joint venture. This is a first step, and we look forward to expand(ing) our relationship in the future,” he added.
