Switzerland-based real estate manager Empira has extended its exposure in the US with the acquisition of a 1.1-acre site in Texas for a multifamily project.

Empira has invested an undisclosed sum to buy the site at 711 N Pearl Street, located close to Dallas Arts District to build a market-rate multifamily development consisting of 375 apartments.

Lahcen Knapp, Empira´s chairman, said: “Dallas has been on our radar for several years as the city has rapidly transformed into a national powerhouse, attracting new residents, professional talent and businesses.

“From highly-educated young professionals to empty nesters looking for a vibrant lifestyle, everyone wants to live in Dallas. Billions of dollars in private capital and public funds have been invested in Dallas’ urban core over the last few years to accommodate for the metro´s remarkable population growth.”

Rafael Aregger, the head of Empira’s US investments, said: “Dallas has absolutely everything our future residents need to enjoy a true ‘live, work and play’ environment.

“This is such a vibrant city and we are looking forward to continuing to grow our footprint in this community building developments that will make the city proud.”

The Dallas transaction follows Empira’s acquisitions of two development sites in downtown Miami near Brickell Avenue.

In June last year, the real estate investment manager said it intended to invest $600m (€545.9m) in US residential assets on behalf of Empira Residential Invest US (ERI US), a newly launched fund.

ERI US has a develop-and-hold strategy and will focus on multifamily real estate in major Sun Belt cities and their neighbouring metropolitan areas in Arizona, Texas and Florida.

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

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