ATLANTA--(BUSINESS WIRE)--Atlanta-based Crown Holdings Group has entered into a joint venture with Stern Resources Inc, a New York-based investment holding company which is leading a $250 Million USD investment into purchasing, developing and growing Crown Holdings’ multifamily portfolio.
Crown Holdings Group, which has invested approximately $1B in the Southeast over the past ten years, plans to invest approximately 30% of the funds in building additional workforce housing in the Atlanta MSA as part of the partnership with Stern Resources Inc.
Crown Holdings Group will also invest the funds in workforce housing development projects in Texas (with an initial focus in Houston), as well as in residential and resort developments in Florida. The investment facility will represent a lower risk to investors, who should still be expecting a double-digit annual return.
The multifamily investment asset class is among the most sought-after US real estate investment opportunities, due to increasing demand by residents as well as by sophisticated US and international investors, who wish to preserve their wealth while making a safe return. Crown Holdings Group plans to continue investing in multifamily assets in the Atlanta area, expanding its portfolio across the state of Georgia and beyond.
Crown brings to the table a robust experience and a very successful and consistent record of accomplishments, working with worldwide investors in the residential and multifamily space.
In connection with the transaction, the principals of Crown Holdings Group will be deploying additional capital into its subsidiaries and the underlying development projects.
“The collaboration with Crown Holdings fits seamlessly with Stern Resources’ strategy of partnering with talented investment companies and management teams, in assets that when developed are stable, well positioned in attractive markets, and poised for continued growth. The company has demonstrated excellent returns and has been an active developer of strategically complementary assets," said Hartadinata Harianto, Head of Stern Resources Private Capital Group.
About Crown Holdings Group
Crown Holding Group’s principals have purchased, managed, built, refinanced, and sold real estate in excess of $2B USD throughout the last 20 years, and have over 100 years of combined US real estate experience – including the management of over 40,000 multifamily units, and the development and redevelopment of 10,000 multifamily units as well as 2,000 single family homes and town homes.
About Stern Resources Group
Stern Resources Inc is a diversified holding company that engages in ventures across multiple industries throughout the world. Our ventures include companies and assets in the following industries: Consumer and Retail, Energy, Healthcare, Real Estate, Financial Institutions, and Industrials. The firm’s current geographic focus is in the U.S. and emerging markets including United Arab Emirates, Thailand, Indonesia, Malaysia, and Vietnam.
