A Dutch company and a San Francisco developer are linking up to own and operate high-rise apartment buildings in Brooklyn and Downtown Los Angeles.
MacFarlane Partners of San Francisco and Bouwinvest Real Estate Investors, the Dutch company, revealed they have formed a joint venture focusing on new construction. The venture plans to launch with residential buildings in Brooklyn and Downtown Los Angeles with a total value of $750 million, the Commercial Observer reported.
The joint venture has secured a partial equity interest in the newly built Level BK apartment building at 2 North Sixth Street in Brooklyn, as well as full ownership of the 24-floor Park Fifth apartment building, now under construction across from Pershing Square in Downtown Los Angeles.
MacFarlane was involved in Park Fifth project’s initial development.
Bouwinvest is the majority partner in both developments. MacFarlane, a substantial minority partner, will manage day-to-day operations at the properties.
Aside from the joint venture, MacFarlane has developed a mixed-use transit project near Downtown known as Wilshire Vermont Station. The company also built the Hotel & Residences at L.A. Live. [CO] — Laurie L. Dove