DALLAS, TX - Mill Creek Residential Trust LLC and Rockwood Capital have formed a new joint venture partnership to invest in multifamily real estate development, construction, and acquisitions throughout the United States, the firms announced today. The partnership includes an investment of $200 million by Rockwood Capital and Crow Holdings in Mill Creek Residential Trust LLC.
Source: Mill Creek Residential Trust
The new partnership comes just months after the initial formation of Mill Creek Residential Trust. Mill Creek Residential Trust will target core market areas that have been historically profitable in development, construction, and acquisition endeavors and demonstrate above average population growth, strong employment characteristics, and consistent and sizeable institutional investment demand.
Mill Creek Residential Trust leverages an average of 28 years of industry experience among its senior management team which is entirely comprised of former Trammell Crow Residential veterans including Charles R. Brindell, Jr. (CEO); Michael A. Collins (Executive Managing Director, West); William C. MacDonald (Executive Managing Director, East); Mark R. Dempsey (CFO); and Michael Melaugh (Executive Managing Director, National Capital Markets). Mill Creek Residential Trust includes more than 90 experienced associates, who along with its management team have worked together over many years.
"Our team at Mill Creek has a strong reputation and legacy within the industry, and we are excited about the many opportunities that lay ahead for Mill Creek Residential Trust," said Charles Brindell, Chairman and CEO of Mill Creek Residential Trust. "To be working with such prestigious firms as Rockwood Capital and Crow Holdings only further demonstrates our longstanding commitment to excellence in the development and acquisition of multifamily communities across the country."
"Rockwood Capital is looking forward to a very successful partnership with Mill Creek Residential Trust," said Edmond A. Kavounas, Chairman of Rockwood Capital. "The distinctive track record of the team at Mill Creek Residential Trust evokes a very high level of confidence in the success of the partnership."
"We have enjoyed a long history and a mutually beneficial relationship through the years with many of the Mill Creek executives," said Harlan Crow, Chairman and Chief Executive Officer of Crow Holdings. "Because of our long history together, we look forward to continuing the relationship through sound investment opportunities sponsored by the Mill Creek team."
The Mill Creek Residential Trust management team boasts a proven strategy and platform that has historically delivered strong returns to investors and already has an attractive and actionable pipeline of development and acquisition opportunities.
Mill Creek Residential Trust is a multifamily real estate development and acquisition firm engaged in real estate development, construction, and acquisition of multifamily communities across the United States. Headquartered in Dallas, Texas, Mill Creek Residential Trust invests in development, construction and acquisition opportunities in 14 geographic markets across the U.S.
Rockwood Capital, LLC is a real estate investment firm, which provides debt and equity capital combined with real estate expertise to select value-add office, residential, retail, hotel, and data center opportunities in key markets throughout the United States. Since 1980, Rockwood and its principals have invested on behalf of their investors over $4.5 billion of equity in over $10.3 billion of real estate through commingled funds, various special purpose partnerships, and separate accounts. Rockwood currently manages a portfolio of approximately $2.9 billion of equity invested in approximately $4.6 billion of real estate. Rockwood's investors include public and private pension funds, endowments, foundations, insurance companies, institutions and high net worth individuals.
Crow Holdings is the investment firm that owns and directs the investments of the Trammell Crow family and its investment partners. Today, Crow Holdings has a substantial stake in the ownership of various businesses, both real estate and non-real estate related, with a level of involvement in the management of these companies that ranges from active to passive. Holdings also include significant, diversified positions in financial investments.