AXA IM Alts, acting on behalf of clients, announces the acquisition of a multi-family asset in Houston, Texas. The asset is being acquired through a joint venture with RPM Living (“RPM”), a leading U.S. multi-family manager and investor.
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. 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.
This acquisition forms part of AXA IM Alts’ wider long-term strategy to invest into residential asset classes which it believes are supported by strong demographic drivers. AXA IM Alts has a c. $27 billion (€23 billion) global portfolio of residential assets under management spread across 15 countries.
Source : Company