The joint venture has made its first two investments in Texas and Tennessee.

Walker & Dunlop Investment Partners and Ivanhoé Cambridge, which formed a joint venture to make preferred equity investments in multifamily, student housing and manufactured housing properties, have made their first two investments totaling nearly $10 million in Texas and Tennessee.

Executives at both firms said they would be focusing primarily on properties in the top 25 MSAs, particularly in the Southeast, South and Southwest. The first transaction was an approximately $4 million preferred equity investment into a joint venture with Pegasus Real Estate to acquire Collection at Overlook, now rebranded as Cornerstone at Overlook, in San Antonio, Texas.

The 240-unit multifamily property was constructed in the 1980s and is located near a medical center in the city’s northwest section. The second transaction was a $5.6 million preferred equity investment into a joint venture with Valor Residential to acquire Overlook at Farragut, a recently delivered 267-unit multifamily property in the Farragut submarket of Knoxville, Tenn. Click to read more at www.multihousingnews.com.