AXA IM Alts, acting on behalf of clients, has acquired a multifamily asset in Houston, Texas, through a joint venture with RPM Living, a multi-family manager and investor in the U.S.
AXA IM Alts said the acquisition represents its third investment into the U.S residential market this year.
Known as The Grand at LaCenterra, the complex comprises 271 high quality rental units, ranging in size from studio to three-bedroom apartments. With lakefront views and access to parking, noteworthy features of the apartments include 10-foot ceiling heights, alongside wooden flooring and private patios or balconies.
Constructed in 2016, the property offers a range of on-site amenities and services including a pool, fitness center, conference center, library, storage lockers and dry-cleaning services.
Strategically located in Katy, one of Houston’s premier suburbs, and less than 30 miles from the city’s central business district, residents will benefit from its proximity to the LaCenterra at Cinco Lakes shopping center, a 300,000 sq ft regional retail and leisure destination.
The suburb continues to attract new residents due to its affordable cost of living and access to good education and employment opportunities, alongside its master planned communities, leading to a population increase of more than 50% since 2010, according to the company. ”Houston is a well-known business hub, being home to 24 Fortune 500 companies, with ten of these businesses located in close proximity to The Grand at LaCenterra.”
Andrew Piekarski, Director of U.S. Acquisitions at AXA IM Alts, commented: “This latest addition to our US multifamily portfolio underlines our belief in the strength of the Houston market, supported by the city’s 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.”
“Investment 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. RPM Living is one of the largest integrated multi-family management firms in the U.S., and we look forward to leveraging their operational capabilities to the benefit of the joint venture.”