Ivanhoe Cambridge has taken a minority stake in real estate manager Mount Auburn Multifamily by investing $150 million of preferred equity directly into the company, according to a joint news release.
Ivanhoe is the real estate unit of the C$309 billion ($244.3 billion) Caisse de Depot et Placement du Quebec, Montreal.
The acquisition follows a joint venture struck in June to invest in preferred equity for ground-up multifamily developments in the U.S.
Ivanhoe plans to continue expanding its investment in residential real estate through investments with targeted partners, the news release said.
Mount Auburn has $2 billion in assets under management and is majority owned by its founders. Firm executives declined to provide the size of Ivanhoe Cambridge's stake, said Bruce Beck, spokesman for Mount Auburn in an email.
