JV Acquires 240-Unit Multifamily in Houston
AXA IM Alts and TruAmerica Multifamily have expanded their US multifamily portfolios with the addition of a 22-property asset.
HOUSTON, TX – A joint-venture partnership between global alternative investments firm AXA IM Alts and vertically-integrated multifamily operator TruAmerica Multifamily has acquired a 240-unit multifamily community in Houston, TX.
The asset, Villas at West Road, has been acquired on behalf of clients through AXA IM Alts’ real assets platform, which is a real estate portfolio and asset manager in Europe.
Villas at West Road encompasses 22 two-story residential buildings. The community, which was built in 2006, features 24-hour fitness center, a resident lounge, a business center, a swimming pool, an outdoor dining area, a car wash station and a dog park.
Situated 20 miles from downtown Houston, the property is located in the city’s northwest submarket of Champions West.
A capital expenditure program will be implemented to enhance the community and improve sustainability.
The acquisition represents AXA IM Alts’ second investment in the Houston residential market. In September 2021, the firm purchased the 271-unit multifamily tower, The Grand at LaCenterra, in the Houston suburb of Katy, TX.
The transactions expand AXA IM Alts’ US multifamily portfolio and align with its long-term strategy to invest in the residential sector. Currently, the firm holds a global residential portfolio of $26 billion assets under management, spanning 15 countries.
“AXA IM Alts’ US multifamily portfolio has grown to a meaningful scale following a particularly active period over the past year,” says AXA IM Alts’ head of North America Steve McCarthy.
McCarthy adds, “This new addition to our US multifamily portfolio presents an exciting opportunity to grow our exposure to the Houston market, which is characterized by strong population and economic growth, driving residential demand. At the same time, the acquisition aligns well with our strategy of utilizing our asset management expertise to improve the property’s quality and sustainability credentials, through its transformation.”
During the past decade, Houston’s population has grown by 20% to 7.1 million. As an established business hub, the city continues to attract new global and domestic residents due to its relatively low cost of living and cultural amenities.