German fund targets US PRS
Hamburg-based fund Union Investment has entered the US multifamily residential market with the acquisition of two properties in Miami, Florida.
The fund has bought EON Squared (pictured) in the heart of Miami’s Flagler Village for each of its two open-ended real estate funds UniImmo: Global and UniImmo: Europa.
Together the two properties add some 476 homes to Union’s new US portfolio.
Hamburg-based fund Union Investment has entered the US multifamily residential market with the acquisition of two properties in Miami, Florida.
The fund has bought EON Squared (pictured) in the heart of Miami’s Flagler Village for each of its two open-ended real estate funds UniImmo: Global and UniImmo: Europa.
Together the two properties add some 476 homes to Union’s new US portfolio.
Matthew Scholl, executive director and head of investment management Americas at Union Investment, said: “In just three months since travel restrictions were lifted, our US investment team has been able to acquire four properties valued at over $425m (£320m) in the US.
“This sum included our entry into two new asset classes for Union Investment in the US market, namely grocery anchored retail and multifamily. The acquisition of EON Squared further diversifies our strong US portfolio, which now totals roughly $6.5bn of assets under management.”
Phase one of EON Squared was completed in May 2019 and has 206 homes with a total rentable area of 192,600 sq ft. It was bought for the UniImmo: Global portfolio. Phase two, which was completed in July of this year and has 270 units comprising a total of 237,900 sq ft, was bought for the UniImmo: Europa portfolio.
Both properties are managed by Greystar. Walker & Dunlop advised Union on the deal.
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Image courtesy of PR
