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Institutional Multifamily Partners At A Glance

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Construction Complete: 1
Housing: 1
$0 - $10M: 0 | $10M - $100M: 0 | $100M+: 1

Institutional Multifamily Partners LLC ("IMP"), (formerly known as Western Multifamily LLC), a discretionary equity co-investment joint venture between affiliates of GID and California Public Employees' Retirement System (“CalPERS”), was formed in 2010 through the consolidating acquisition of three existing and separate multifamily investment portfolios. IMP’s objective is to achieve superior risk-adjusted investment returns for its partners through the active portfolio management of its existing apartment communities and the investment and development of apartment communities throughout the United States. The establishment of IMP continues and expands the successful relationship GID has enjoyed with CalPERS since 1998.

As of June 30, 2016, the Institutional Multifamily Partners portfolio consisted of 52 real estate investments (including 8 development projects under construction) totaling 14,639 apartment units. In addition, 19 properties have retail and commercial space totaling 591,167 square feet.

GID continues to seek multifamily acquisition and development opportunities on behalf of IMP that meet its investment objectives.

GID, which made a significant equity co-investment in the consolidated portfolio, serves as portfolio and asset manager, and through Windsor Property Management Company, its property management affiliate, as property manager.


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The Victor
- Nov 27, 2016

IMP completes $187 million acquisition of Bulfinch Triangle’s The Victor Institutional Multifamily Partners (IMP), a partnership between CalPERS of California and GID of Boston, has closed on the acquisition of The Victor, a 377,000 square foot Bulfinch Triangle luxury apartment building with ground-floor retail, for $187 million or $496 per square foot. With the acquisition, IMP has assumed the 99-year ground lease of the Victor parcel, which is owned by the Massachusetts Department of Transportation (MassDOT). “The Victor represents an opportunity to add to our portfolio in a dynamic location with incredible access to transportation, jobs and entertainment,” says Bill Chiasson, Senior Vice President of Acquisitions at GID, in an official release. The acquisition of The Victor is GID’s first in Downtown Boston. The following is the deed for IMP’s acquisition of The Victor:

The Victor
- Sep 14, 2016

286-unit Bulfinch Triangle luxury residential building selling for nearly $190 millionThe Real Reporter reports that Institutional Multifamily Partners (IMP) of California will acquire The Victor, a 286-unit Bulfinch Triangle luxury residential apartment building with 17,000 square feet of ground-floor retail, from developer Simpson Housing for nearly $190 million. IMP has reportedly submitted a non-refundable deposit for the acquisition. The LEED Gold-certified Victor opened in 2013 and cost $140 million to build; the building is located on a state-owned parking lot. Rents at The Victor range from $2,705/month for a studio to up to $5,250/month for a two-bedroom unit per the Victor leasing website.

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