Folkestone enters $40m JV to develop townhomes

Folkestone has entered into its fifth joint venture (JV) with ID_Land to develop 64 townhomes in Melbourne.

The $40 million deal was the fifth JV between ID_Land and Folkestone.

The two firms said they were currently working together on a $120 million master-planned community in Wollert together with the ‘elements’ master-planned community in Truganina.

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ID_Land’s joint director, Matt Belford, said: “The joint venture was the first time Folkestone had partnered with the developer across a medium density site”.

“As a result of this diversification strategy we now have over 600 townhome sites under management as part of our $3.1 billion portfolio.

“Folkestone has also identified medium density as a strong investment class, so knowing our very successful past partnerships together it seemed like a natural progression to form a joint venture across one of our medium density projects.”

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