Esterad Bank, a subsidiary of Esterad Ventures, announced the acquisition of The Trails at Dominion Park, a multifamily housing property in Houston, Texas, for $73 million.
The 843-unit property, currently 91 per cent occupied, is located near key employment centres such as George Bush Intercontinental Airport and the North Houston District.
The investment is expected to yield a 9.5pc annualised return, paid quarterly to investors, the bank said.
“This acquisition aligns with our focus on identifying and bringing to market deals that offer our investors exposure to well-performing alternative assets across global markets,” said Ahmed Abdulrahman, acting chief executive of Esterad Bank.
The deal comes as the US multifamily sector experiences strong demand and high occupancy rates.
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