Investors - APRIL 5, 2017

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BVK to invest €750m into U.S. multifamily

by Jody Barhanovich

The €80 billion ($85.3 billion) Bayerische Versorgungskammer has launched an evergreen separate account, sponsored by USAA Real Estate Co., to invest €750 million ($805 million) in core U.S. multifamily assets.

This comes after BVK announced in May 2016 its plan to add four specialized mandates focusing on the U.S. market, including multifamily.

The mandate comes with a portfolio that consists of six recently constructed urban infill and transit-oriented properties, totaling 1,600 apartment units and 36,000 square feet of retail in five major markets.

USAA Real Estate will target core, build-to-core and value-added acquisitions in premium, central neighborhoods within major markets across the United States. The goal of the separate account mandate is to create a portfolio of best-in-class multifamily assets that deliver strong cash flow yield with significant appreciation potential.

“We believe the multifamily sector offers strong risk-adjusted retu

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