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.”
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