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The company is aiming to double its current $1.7 billion in assets during the next five years.
AHS Residential is moving into Georgia and Texas with designs on going national to cities like Denver, the Carolinas and even Washington DC.
However, cross-border investment is at its lowest point since 2014.
Covenant began raising Fund X in 2020 and blew past its initial target of $400 million
This deal follows CBRE's recent stake in Industrious.
The share of affordable homes dropped to 56.6% in the second quarter.
The properties have fared well through the pandemic, demonstrating the healthy demand for select service hotels.
WPT's portfolio includes 109 properties across 19 US states.
"Condos will more than likely be selling at close to list prices, very much like single-family homes are today," Craig Studnicky, president of RelatedISG Realty, said.
New eviction moratorium extension hasn't scared off the money people.