US grassroots fund ASB adds apartment and logistics asset to portfolio [corrected] | News

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A core US real estate fund managed by ASB Real Estate Investments has invested $245m (€212m) to buy a logistics asset and an apartment complex in separate deals.

The manager’s $7.9 billion Allegiance real estate fund has acquired the Savannah logistics center from Ares Management.

The fully leased, three-building, 1.4m² industrial portfolio is located on 84 acres just west of Savannah/Hilton Head International Airport in Pooler, Georgia.

The fund also purchased the Landmark at Barton Creek Apartments in a joint venture with Magnolia Capital’s TruAmerica Multifamily.

The 298-unit, 13-building multi-family housing complex is located on 19 acres at 1781 Spyglass Drive, three miles southwest of downtown Austin.

According to people familiar with the deals, ASB paid $161 million for the logistics asset and $84.1 million for the apartment complex.

ASB Vice President Mary Murphy said, “Savannah has quickly established itself as one of the most important ports on the East Coast, benefiting from explosive growth in logistics to serve the shipping chains. e-commerce provisioning and a shift from West Coast ports to the East Coast.

“These properties enjoy an excellent location near the port and will help advance our goal of owning premium industrial assets in one of the nation’s most important transportation hubs and growing population centers. “

ASB Managing Director Nicolas Franzetti said, “The acquisition of Landmark Barton Creek fits well with ASB’s workforce housing strategy and expands our portfolio in a growth market of forefront, which should continue to benefit from high immigration during our holding period of this asset.

“Austin is one of the fastest growing markets in the country where affordable housing options are increasingly limited for a growing workforce of middle-income renters. We find the opportunity to provide quality affordable apartments in a fantastic location such as Barton Creek particularly attractive.

A previous version of this article incorrectly stated the amount ASB Real Estate Investments invested to buy the logistics asset.

To read the digital edition of the latest IPE Real Assets magazine, click here.

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