Greystar Real Estate Partners LLC and Ivanhoé Cambridge announced they have formed a joint venture to pursue multifamily real estate opportunities in Chile. The new partnership represents the first global institutional capital investment in multifamily real estate in Chile, marking an important milestone for the industry and country alike. It also marks the first investment Ivanhoé Cambridge has made in this emerging market.
Over the years, Greystar and Ivanhoé Cambridge have partnered on multiple North American and international joint ventures. The partners say they intend to develop and acquire multifamily projects in the Santiago market, as well as submarkets that are centrally located, well-connected, desirable, and with strong rental demand.
The venture’s mandate is “to seek innovative, sustainable, accessible, and efficient ways to bring purpose-built and professionally managed rental housing communities to new markets, and to enrich lives and achieve superior investment returns through renter-centric designs and exceptional service delivery.”
“Our joint venture with Ivanhoé Cambridge in Chile is a landmark achievement and key indicator of the continued growth and strength of our global strategic alliance as we expand further into international markets,” said Tom Livelli, Managing Director at Greystar. “Together with Ivanhoé Cambridge’s capital investment and Greystar’s in-house capabilities and extensive local relationships, we are opening the door to transform the renter experience in Chile, where we continue to see a bright future and tremendous long-term potential.”
“We’re delighted to launch this new investment strategy in Chile and to diversify our portfolio in Latin America,” added Adriano Mantesso, Managing Director, Head of Latin America at Ivanhoé Cambridge. “We believe in the growth potential of the residential rental market in major cities across the region, increasingly attracting global institutional capital and meaningfully transforming the renter experience. We are very excited to once again join Greystar as an early mover in delivering the next generation of rental housing communities in a new market and contribute to setting new standards in resident services and community design for the people of Chile.”
Click here for the official press release.
