AXA IM Alts invested an undisclosed amount to purchase a US multi-family asset on behalf of its clients.
The € 163 billion alternative investment manager said it acquired The Grand from LaCenterra in Houston, Texas through a joint venture with US multi-family investor RPM Living.
The Grand at LaCenterra complex – built in 2016 – comprises 271 rental units, ranging from studios to three-bedroom apartments.
AXA IM Alts said the acquisition is part of its broader long-term strategy of investing in residential assets which it says are “underpinned by strong demographic drivers”.
AXA IM Alts has a global portfolio of $ 27 billion (23 billion euros) of residential assets under management in 15 countries.
Andrew Piekarski, Director of US Acquisitions at AXA IM Alts, said: “This latest addition to our US multi-family portfolio underscores our confidence in the strength of the Houston market, supported by the city’s growing population, and character. defensive residential assets that occupy a prime location with good transportation connectivity, which allows us to generate stable revenues and long-term value creation on behalf of our clients.
“Investing in real estate is a global conviction for AXA IM Alts, as evidenced by our strong track record and our future pipeline of investments across the range of real asset classes with high growth potential. “
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