Millrose Properties closes first acquisition in JPI multifamily land banking facility
MRP•How the multifamily land banking model works
JPI will pay option fees during development, then take down sites as projects advance, reducing balance sheet land exposure.
The deal extends Millrose’s homesite option model into multifamily, adding to its for-sale and build-to-rent programs.
Millrose closes first acquisition under new facility
Millrose Properties closed its first acquisition under a new land banking facility set up by JPI and Kennedy Lewis Investment Management.
Millrose will buy land sites and fund development for Class A multifamily projects across JPI’s target markets.
