Round Hill Capital has added a 205-unit apartment community to its property portfolio as it continues its expansion into the US.
The real estate investment manager has bought Cortland Cary, formerly Trilogy, in Cary, North Carolina for an undisclosed sum. Cortland Cary was completed in 2019.
Round Hill said the multifamily apartment community was acquired on behalf of the US Residential Income and Growth Fund (USRIG), a fund which targets garden-style US multifamily investments for European institutional investors.
The latest deal expands Round Hill’s US presence, which started in November 2018 via a partnership with multifamily specialist Cortland. Prior to that, Round Hill had invested in European residential, student housing and light industrial markets.
Rob Reiskin, senior managing director, head of Round Hill Capital Americas said: “Even before COVID-19, there was a growing trend of demographic and employment migration to high growth employment hubs in the South East US. This trend has been accelerating since the pandemic, and with the growth of working from home and increasing economic uncertainty, it looks set to continue.
”We expect that our Cortland Cary investment and USRIG fund will remain beneficiaries of these trends and we will continue to make further investments in well-located, high-quality US multifamily housing assets with our European institutional investors.”
Michael Bickford, founder and CEO of Round Hill Capital, said: “We are pleased to offer our European investment partners the opportunity to invest with an experienced and responsible investment manager who is a leader in the US and European accommodation sector with a deep understanding of residential markets, whilst partnering with an exceptional operator to help further drive value for residents and investors alike.”
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