CapitaLand forms $416.1m joint venture to build US portfolio

The 341-unit multifamily property will be done by 2023.

CapitaLand has formed a joint venture totalling $416.1m (US$300m) in gross asset value to scale its multifamily asset portfolio in the United States of America, the company announced.

CapitaLand's partner is an Austin, Texas-headquartered real estate investment, development and property management firm, which has developed over 25,000 multifamily units across markets in the USA since its inception 25 years ago.

They have already acquired a 4.71-acre land parcel in Austin, which will be developed into a 341-unit suburban multifamily property by 2023.

“We will continue to seek attractive investment opportunities to build upon our diversified and well-balanced portfolio to deliver long-term value for our stakeholders,” CapitaLand Group Singapore & International president Jason Leow said.