AXA Investment Managers-Real Assets has invested in the US multifamily market through a joint venture.

The Paris-headquartered investment manager and US property manager PRP have bought The Beacon at Waugh Chapel near Washington DC.

The 286,208sqft asset, in Gambrills, Maryland, will be 95% owned by AXA IM-RE and PRP will act as operational manager of the property.

Steve McCarthy, head of North America at AXA IM-RA, said: “The Beacon is a prime multifamily property featuring all of the most desirable facilities and high-spec amenities to ensure robust demand from its local area’s higher than average volume of renters.

“The property’s strong location, which benefits from major local government-backed employment, makes it a particularly compelling investment opportunity.”

McCarthy said it has completed the acquisition of 570 further units on the US east coast in the past year and is looking to accelerate growth of its North American portfolio.