Ivanhoe Cambridge intends to invest up to US$500 million in the project.
Black Creek Group is a Denver-based private equity firm that has been involved in sponsoring real-estate companies in Mexico for 17 years.
Ivanhoe Cambridge's first level of investment will be US$100 million in a residential development project located in the Mexico City borough of Cuajimalpa.
The project consists of two residential condominium buildings with approximately 500,000 square feet (46,500 square metres), comprising 479 residential units.
"With this investment, Ivanhoe Cambridge is setting a major foothold in Mexico, which will provide excellent access to opportunities, including long-term investments in a portfolio of high-quality assets," said Rita-Rose Gagne, an executive vice-president with Ivanhoe Cambridge.
"The investment is part of Ivanhoe Cambridge's strategy of developing a long-term, active presence in growth markets. The economic growth and demographic trends in Mexico are producing a large and sustained local demand for commercial and residential real estate."