PGIM Real Estate and Carroll Organization have added around $600m (€531.5m) worth of assets to their US multifamily partnership.

The joint venture - which started in December last year - has made three portfolio acquisitions in Raleigh-Durham, Ponte Vedra Beach and Charleston. The latest deal, fifth transaction, lifts the partnership’s acquisitions to $2bn.

Carroll made the deal on behalf of its Carroll Multifamily Real Estate Fund V and PGIM acquired the assets on behalf of institutional investors.

All of the assets are managed by Carroll Management Group.

Alfonso Munk, the Americas chief investment officer for PGIM Real Estate, said: “These latest portfolio acquisitions are consistent with PGIM Real Estate’s strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options.

“Our ongoing partnership with Carroll Organization will enable us to create an enhanced living experience for the residents at these 13 communities, while delivering compelling, supply-resistant investment opportunities to our investors.”

M Patrick Carroll, the CEO of Carroll Organization, said: “These investments are based on our thesis that quality workforce housing is currently an underserved segment of the multifamily market, which has created a supply/demand imbalance when homeownership or new-supply rents in desirable locations may not be attainable for most Americans.

“The outlook for multifamily performance in the Raleigh-Durham, Jacksonville and Charleston markets remains strong going forward due to their diverse economies, business-friendly governments, job and population growth, and overall quality of life.”