Mill Creek, a multifamily developer and operator, and QuadReal, a global real estate investment firm, agreed to form a joint venture. Financial terms were not disclosed. The venture will invest up to $421m to develop and operate multifamily communities in targeted US markets over the next two to three years. "QuadReal is a well-respected firm with a depth of experience in the multifamily sector. We are looking forward to working with this world-class organization to grow our portfolio of high-quality, award-winning communities in some of the most desirable markets in the country. This venture serves as an important step in further developing our investment management business," William C. MacDonald, Mill Creek CEO, President and CIO.