A core US property fund managed by ASB Real Estate Investments has invested $245m (€212m) to buy a logistics asset and an apartment complex in separate deals.
The manager’s $7.9bn Allegiance Real Estate Fund has acquired the Savannah Logistics Center from Ares Management.
The fully-leased, three-building, 1.4m sqft industrial portfolio is situated on 84 acres just west of the Savannah/Hilton Head International Airport in Pooler, Georgia.
The fund has also bought the Landmark at Barton Creek Apartments in a joint venture with TruAmerica Multifamily from Magnolia Capital.
The 298-unit, 13-building multifamily housing complex is located on 19 acres at 1781 Spyglass Drive, three miles southwest of downtown Austin.
According to people familiar with the deals, ASB paid $161m for the logistics asset and $84.1m for the apartment complex.
ASB vice president, Mary Murphy said: “Savannah has quickly established itself as one of the East Coast’s most important ports, benefiting from explosive growth in logistics to serve e-commerce supply chains and a shift from West Coast ports to the East Coast.
“These properties feature an excellent location with proximity to the port and will help advance our goal of owning superior industrial assets in one of the nation’s most important transportation hubs and growing population centres.”
ASB managing director Nicolas Franzetti said: “The Landmark Barton Creek acquisition fits well within ASB’s workforce housing strategy and expands our portfolio in a top-ranked growth market, that should continue to benefit from elevated in-migration over our hold period for this asset.
“Austin is one of the country’s most dynamic markets where affordable housing options are increasingly more limited for a growing workforce of middle-income renters. We find the opportunity to provide quality affordable apartments in a fantastic location such as Barton Creek particularly compelling.”
A previous version of this article misstated the amount ASB Real Estate Investments invested to buy the logistics asset.
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