AXA IM Alts has invested an undisclosed sum to buy a US multi-family asset on behalf of its clients.

The €163bn alternative investment manager said it has acquired The Grand at LaCenterra in Houston, Texas through a joint venture with US multi-family investor RPM Living.

The Grand at LaCenterra complex – constructed in 2016 – comprises 271 rental units, ranging in size from studio to three-bedroom apartments.

AXA IM Alts said this acquisition forms part of its wider long-term strategy to invest in residential assets which it ”believes are supported by strong demographic drivers”.

AXA IM Alts has a $27bn (€23bn) global portfolio of residential assets under management spread across 15 countries.

Andrew Piekarski, director of US acquisitions at AXA IM Alts, said: “This latest addition to our US multi-family portfolio underlines our belief in the strength of the Houston market, supported by the city’s growing population, and the defensiveness of residential assets that hold a prime location with good transport connectivity, both of which underpin the potential for us to generate stable income and long-term value creation on behalf of our clients.

“Investment in real estate is a global conviction for AXA IM Alts, evidenced by our strong track record, and our upcoming pipeline, of investments across the spectrum of real asset classes with strong growth potential.”

To read the digital edition of the latest IPE Real Assets magazine click here.