TH Real Estate has been given German capital for its US value-add multifamily housing strategy.
The investment manager said it was the first time the strategy had been backed by investment from Germany.
The strategy targets garden-style rental housing in infill locations with the potential for high current income and value-appreciation potential.
The manager said it focused on value-enhancing upgrades to amenities and common areas, combined with low-cost financing via tax-exempt bonds.
Michael Klauke-Werner, director for the client capital group at TH Real Estate, said the strategy had a track record of more than 23 years.
The platform owns 117 multifamily assets worth more than $9.4bn (€8.8bn) in AUM across 49 US markets.
TH Real Estate made its first US multifamily investment in 1947.