IRVING, TEXAS — Catlyn Capital Corp. and TDI Real Estate Holdings have closed on a $500 million joint venture platform to develop properties in the states of Texas, Arizona and Colorado.

According to TDI, the platform "seeks to capitalize on the compelling market dynamics primarily in the multifamily sector created by the renter base, strong job growth and limited new supply." The venture will focus exclusively on Class A investments in core markets.

Recently, the two companies closed on a $50 million, 444-unit apartment development in Allen, Texas and a $65 million, 388-unit development in Scottsdale. The venture is finalizing construction plans on four additional communities, totaling 1,323 multifamily units, with a total cost of $185 million in the Phoenix, Dallas and Austin metro areas.

"There are exceptional opportunities in the market for organizations with the experience and bench strength to identify and execute in this highly competitive field," says Mark Bryant, TDI's president and CEO.

"Our management team's 30-year track record of success will be an important factor in identifying and capitalizing on the best opportunities," he adds.

In addition to the joint venture, TDI currently has 800 units under construction valued at $200 million. Based in Irving, Texas, TDI is a real estate investment firm specializing in investing in multifamily assets. The company manages a portfolio of $1 billion in assets throughout the U.S.

Catlyn Capital is based in Dallas, and was formed in 1991 as a vehicle for opportunistic investments in real estate.

— Liz Burlingame