Allianz Real Estate, acting on behalf of several Allianz group companies, has invested $300m into a single-family rental vehicle, the Upward America Venture.
The venture will be managed by LennarSFR, a newly formed subsidiary of the 67-year old US homebuilder Lennar Corporation. Allianz will be one of several large institutional investors.
Once investment leverage is added in, the venture aims to acquire more than $4bn of new single-family homes in strategic locations across the US, from Lennar and other builders.
“Allianz Real Estate’s residential exposure is poised to grow in the coming years, benefitting from millennials’ preference to rent new multi- and single-family homes, amidst a backdrop of limited new supply,” the asset manager stated.
“This investment…forms a diversification play within the US strategy, where Allianz intends to deploy $1.3bn in the residential markets over the next few years.”
Channels:Deals
Companies:Allianz Real Estate