Paris Firm Buys Houston Multifamily, Market briefs

In Houston, A Paris-based investment firm has purchased a multifamily complex in the LaCenterra development in Katy on the west side of Houston.

The 271-unit multifamily community, called The Grand at LaCenterra, was developed by the Martin Fein organization in 2016.

AXA IM Alts, a French investment firm with a $27 billion residential portfolio, purchased the apartments in a joint venture with Austin-based RPM Living.

“This latest addition to our US multifamily 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,” said Andrew Piekarski, Director of U.S. Acquisitions at AXA IM Alts.

AXA IM employs over 2,440 employees around the world, operates out of 27 offices across 20 countries and is part of the AXA Group, a worldwide firm in insurance and asset management.

“Investment in real estate is a global conviction for AXA IM Alts, evidenced by our strong track record, and our upcoming pipeline, of investments across the spectrum of real asset classes with strong growth potential. RPM Living is one of the largest integrated multi-family management firms in the U.S., and we look forward to leveraging their operational capabilities to the benefit of the joint venture,”said Piekarski.

The recently purchased apartments are part of the LaCenterra at Cinco Ranch multi-use development on the Grand Parkway. The 34-acre development was built by Woody Mann of Houston-based Vista Companies.