Clippership Wharf

Australian developer Lendlease is teaming up with a pension fund with plans for a $2 billion develop-and-hold multifamily pipeline in Boston and four other high-priced U.S. real estate markets.

Lendlease and Australian fund First State Super have each committed $500 million in equity to the investment platform, with the goal of building a $2 billion portfolio in Boston, New York, Chicago, Los Angeles and San Francisco. Lendlease will be the development, construction and investment manager.

Lendlease is developer of the 492-unit Clippership Wharf condominium and apartment complex on the East Boston waterfront. All 80 units in the first condo building, Slip65, are under agreement with average prices of nearly $900 per square foot. Another 114 condos in the Lewis Street complex will hit the market next spring.

Lendlease has seven active projects in the U.S., and estimates it will develop more than 5,000 residential units in the U.S. over the next five to 10 years. Lendlease’s Southbank development in Chicago will comprise up to 2,700 housing units in five high-rises.

In addition to its own projects, Lendlease’s construction division has $4 billion in U.S. work for third-party clients.