Invesco Real Estate has acquired an apartment complex in the capital of the southwestern US state of Arizona for $325m (€289.1m), according to people familiar with the matter.

The manager has bought the 1,222-unit Vaseo Apartment Homes in the Phoenix metropolitan area from DivcoWest and The Klein Financial Corporation.

DivcoWest and The Klein Financial Corporation acquired the property in 2018 for $142m, according to published reports. DivcoWest declined a request for comment.

Rob Taylor, senior director of transactions for Invesco, said: “The acquisition of Vaseo represents an opportunity to participate broadly in the rapidly expanding Phoenix economy by providing workforce level and affordable housing in a central location with great access to multiple employment nodes.”

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