AXA IM Alts, through a joint venture with GMH Communities, has added a 249-unit apartment complex to its US multifamily real estate portfolio.
AXA IM Alts, which manages €21bn in residential assets globally, has acquired The Caswell at Runnymeade property in Newtown Square, Pennsylvania, for an undisclosed sum.
The property was completed in 2023 and consists of one, two and three-bedroom units across two four-storey buildings.
Stephen McCarthy, head of alts and real estate, North America, said: “The US multifamily sector has demonstrated continued resilience throughout the macro volatility of recent years. Given the rising cost of homeownership across leading American cities, an increasingly broad spectrum of residents of all ages are choosing to rent.
“Projects which are rich in communal amenities and provide easy access to major urban centres, as well as diverse, high-quality local employment opportunities, are generating the highest levels of demand.
“With a wide-ranging suite of indoor and outdoor amenities, large floorplates and proximity to several employment nodes throughout the Philadelphia area, the property has a very attractive day-one income profile, as well as the potential for sustainable future rental growth, which fully aligns with AXA IM Alts’ expanding US multifamily portfolio.”
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