has invested an undisclosed sum to buy a US multi-family asset on behalf of its clients.
The 鈧�163bn alternative investment manager said it has acquired The Grand at LaCenterra in Houston, Texas through a joint venture with US multi-family investor RPM Living.
The Grand at LaCenterra complex 鈥� constructed in 2016 鈥� comprises 271 rental units, ranging in size from studio to three-bedroom apartments.
AXA IM Alts said this acquisition forms part of its wider long-term strategy to invest in residential assets which it 鈥漛elieves are supported by strong demographic drivers鈥�.
AXA IM Alts has a $27bn (鈧�23bn) global portfolio of residential assets under management spread across 15 countries.
Andrew Piekarski, director of US acquisitions at AXA IM Alts, said: 鈥淭his latest addition to our US multi-family portfolio underlines our belief in the strength of the Houston market, supported by the city鈥檚 growing population, and the defensiveness of residential assets that hold a prime location with good transport connectivity, both of which underpin the potential for us to generate stable income and long-term value creation on behalf of our clients.
鈥淚nvestment in real estate is a global conviction for AXA IM Alts, evidenced by our strong track record, and our upcoming pipeline, of investments across the spectrum of real asset classes with strong growth potential.鈥�
To read the digital edition of the latest 麻豆映画 Real Assets magazine click here.
