Round Hill Capital acquires 445-unit apartment community in Dallas
Round Hill Capital, a specialist global real estate investment, development and asset management firm, on behalf of its US Residential Income and Growth Fund (USRIG), has acquired Cortland Allen Station, a multifamily apartment community located in Dallas, Texas. To facilitate the acquisition, the fund held an additional closing, attracting new capital from a leading European institutional investor.
Cortland Allen Station is the latest acquisition for Round Hill Capital on behalf of its USRIG Fund which provides access to defensive, garden-style multifamily investments in the Sunbelt region of the US for European institutional investors.
The USRIG Fund has now completed three multifamily deals in the US totalling approximately USD250 million in Texas, North Carolina and Georgia, and is proving attractive to European investors which are demonstrating an increasing interest in the stability of multifamily assets in high-growth southern US markets.
Cortland Allen Station was built in 2019. The community comprises 445 moderately priced multifamily units and attractive amenities including co-working spaces, entertainment lounge, fitness centre, a pool and games room.
The asset is exceptionally well positioned in the high-growth Dallas-Fort Worth metropolitan area, which has outpaced the greater US in jobs growth over the past decade by adding over one million new residents between 2010 and 2018.
Cortland Allen Station offers its residents easy access to extensive business, commercial, medical and leisure facilities, and is supported by an increasingly diversified employment base. Major companies, such as Walmart Corporate, American Airlines and Bank of America have established hubs in the area, creating demand for housing from new area residents.
Michael Bickford, CEO of Round Hill Capital, says: “We launched the USRIG fund to offer our investors the opportunity to benefit from the strong returns presented by the residential real estate market across high-growth southern US markets. For both institutional investors and family offices, we offer the advantage of trusted boots on the ground in the US, allowing them to extend their trusted relationship with us to access the strong risk adjusted returns that the US has to offer. This latest transaction demonstrates the ongoing attractiveness of US multifamily assets to European investors and our ability to swiftly respond to demand for quality assets in the region.”