Appointed by Suffolk County Council, the joint venture will deliver new housing-led developments to be built on council land.
Lovell Partnerships were identified as the preferred bidder following a nine-month procurement process.
Contracts are expected to be concluded in spring 2022, with the joint venture established in the summer.
Five initial locations have already been identified in Lowestoft, Mildenhall, Bramford, West Row and Newmarket, with capacity for a total of around 2,800 homes plus new schools, employment land and open spaces.
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The proposals include an option for further sites to be delivered by the joint venture in future should additional suitable council-owned land become surplus to requirements.
Homes will be developed to be low carbon in line with the emerging Future Homes Standard.
Lovell Partnerships, part of the Morgan Sindall Group, is participating in a number of joint ventures with councils across the UK to support similar housing delivery aspirations.
The 50:50 partnership is intended to deliver around £700m of gross development value over the course of the proposed 15-year agreement, with the option to extend to a further five.
The partnership will benefit from working with other companies within the Morgan Sindall Group, as well as local suppliers, to enable it to deliver the works at pace.
Suffolk County Council has been advised throughout the procurement process by Concertus Design and Property Consultants, Avison Young property consultants, and legal advisors Pinsent Masons.
