Cypress Equity Investments and Winter Properties Form Joint Venture
By: Christine Serlin This post was written for and originally published on 10/20/2021 on multifamilyexecutive.com
The partnership will focus on delivering sustainable multifamily communities at all economic levels in major U.S. markets.
Cypress Equity Investments (CEI) has formed a joint venture partnership with Winter Properties, a related business of Standard Industries, to expand its housing, life science, and other real estate development and acquisition platforms. According to CEI, the partnership will help accelerate CEI’s multifamily growth to meet housing needs at all levels of the economic spectrum in major markets across the country.
Headquartered in Los Angeles with regional offices in Chicago, Dallas, Denver, and New Jersey, CEI is an established national developer and investor executing ground-up and value-add real estate developments in all asset classes, with a primary focus on multifamily. Based in New York City, Winter Properties is a vertically integrated real estate investment, management, and development company that focuses on strategic investments throughout major U.S. urban markets.
“With the nation facing a critical housing shortage, it is imperative that we build as much quality housing as we can at every price point, from affordable to workforce to market-rate to luxury,” said CEI founder and CEO Michael Sorochinsky. “Leveraging our development expertise and Winter’s investment acumen and financial strength will allow us to accelerate our pace of growth in major cities across the United States.”
Sorochinsky adds that the partnership with Winter Properties grew out of a shared desire to deliver much-needed quality housing opportunities across the country. CEI’s pipeline for 2021-22 starts total more than $1.75 billion in capitalization. With the new partnership, it expects to increase output by more than 50%.
According to Sorochinsky, CEI plans to leverage the joint venture partnership to grow its multifamily footprint in Denver, California, Texas, and the Southeast. The partnership already has invested in multifamily development and value-add projects in Dallas, Denver, Los Angeles, and New Jersey.
“This catalytic partnership can best be described as two industry leaders with complementary expertise working together to enhance the capabilities of each company, empowering the team to better capitalize on market opportunities,” said Sorochinsky. “Both firms also share a desire to build sustainable communities that are respectful and sensible to the neighborhoods in which they reside.”
Rick H. Singer, president of Winter Properties, echoed the sentiment. “At Winter, we seek out development partners that not only share our core value but also demonstrate a keen understanding of local market dynamics and proven ability to deliver best-in-class properties, and CEI clearly meets these criteria,” he said.