A joint venture is a deal-specific partnership between two or more parties — typically an operator/sponsor and a capital partner. More customized than a syndication.
JV structures vary widely: 50/50 partnerships, operator-heavy splits, capital-heavy splits, co-investment arrangements. Unlike syndications (which raise from many passive LPs), JVs typically involve one or a few institutional-grade partners with negotiated terms.
LA multifamily JVs are common on larger deals ($15M+) where a local operator partners with institutional capital. The operator brings market knowledge and execution; the capital partner brings liquidity and underwriting infrastructure.
From the Sterman LA Multifamily Glossary — defined the way a broker with $1.41 billion across 254 closed transactions actually uses these terms.
Michael Sterman, Senior Managing Director Investments, Marcus & Millichap.
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