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AXA IM Alts, a global investment company based in Paris, acquired the 271-unit Grand at LaCenterra apartments, at 2727 Commercial Center Blvd. in Katy, through a joint venture with RPM Living. Terms were not disclosed.

Developed by Fein Interests in 2016, the property has units ranging from studio to three-bedroom apartments near shopping and entertainment in LaCenterra at Cinco Ranch. Amenities include a pool, fitness center, conference center, library, storage lockers and dry-cleaning services.

The deal represents the third U.S. apartment acquisition for AXA IM Alts in 2021 and its second Houston investment.

“This latest addition to our U.S. multi-family 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,” Andrew Piekarski, director of U.S. Acquisitions at AXA IM Alts, said in an announcement.

Strong demand for apartments has pushed Houston area rents up by 10.6 percent over the year to an average of $1,155 in September, according to ApartmentData.com. The overall occupancy rate reached 91.7 percent.

Multifamily property remained the most favored property type among foreign investors in 2021, according to a 2021 survey by AFIRE, the association for international real estate investors focused on commercial property in the United States. The second most popular property type for investments is industrial.


Publication: Houston Chronicle

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