A core open-ended US property fund managed by ASB Real Estate Investments has acquired a $227m (€191m) apartment complex in a joint venture with Western National.
ASB said its $7.4bn Allegiance Fund and Western National have bought Solamonte, a 521-unit garden apartment complex in Southern California, from Mesirow Institutional Real Estate Direct Investments.
The property, located at 9200 Milliken Avenue, is 98.5% occupied.
ASB vice president Kavita Mathews, said: “This Inland Empire submarket offers strong population and job growth in surrounding areas as well as significant supply constraints that promise to limit future competing development, providing a market dynamic to increase the asset’s net operating income over time.
“Solamonte has particularly attractive amenities and layouts, and there are plans to complete cosmetic upgrades on unrenovated units that provide opportunities to generate further income growth. The investment is part of ASB’s ongoing portfolio strategy to expand multifamily investments in leading US suburban markets.”
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