Round Hill Capital has acquired Cortland Allen Station, a multifamily apartment community located in Dallas, Texas, on behalf of its US Residential Income and Growth Fund (USRIG).
To facilitate the acquisition, the fund held an additional closing, attracting new capital from a leading European institutional investor, said Round Hill Capital in a statement.
Cortland Allen Station was built in 2019. The community comprises 445 moderately priced multifamily units and amenities including co-working spaces, entertainment lounge, fitness centre, a pool and games room.
The asset is exceptionally well positioned in the high-growth Dallas-Fort Worth metropolitan area, which has outpaced the greater US in jobs growth over the past decade by adding over one million new residents between 2010 and 2018.
Cortland Allen Station is the latest acquisition for Round Hill Capital on behalf of its USRIG Fund which provides access to garden-style multifamily investments in the Sunbelt region of the US for European institutional investors.
The USRIG Fund has now completed three multifamily deals in the US totalling approximately $250 million in Texas, North Carolina and Georgia.
“We launched the USRIG fund to offer our investors the opportunity to benefit from the strong returns presented by the residential real estate market across high-growth southern US markets. For both institutional investors and family offices, we offer the advantage of trusted boots on the ground in the US, allowing them to extend their trusted relationship with us to access the strong risk adjusted returns that the US has to offer. This latest transaction demonstrates the ongoing attractiveness of US multifamily assets to European investors and our ability to swiftly respond to demand for quality assets in the region,” said Michael Bickford, CEO of Round Hill Capital.
“The current economic climate is encouraging a shift of capital toward defensive real estate assets across our investor base of high profile European institutional investors. The pandemic has also accelerated a growing trend over the past 10 years, as both residents and employers relocate from city centre locations to lower density, more affordable destinations, offering a higher quality of life,” said Rob Reiskin, Senior Managing Director, Head of Americas.
“We have a strong pipeline that allows us to efficiently deploy capital and meet our clients’ demand for resilient, long-term investment opportunities in the US. We look forward to expanding our portfolio and to further drive value for residents and investors alike,” he added.