Union Investment enters the U.S. multifamily market with $226m purchase

Union Investment has entered the U.S. multifamily market, acquiring two multifamily properties known as “EON Squared” in the heart of Flagler Village for each of its two open-ended real estate funds UniImmo: Global and UniImmo: Europa. The sales price was $226 million.

Flagler Village one of the most dynamic and fastest-growing apartment submarket in Fort Lauderdale, Fla. The market is part of Miami’s MSA and currently one of the most attractive multifamily markets in the United States.

Tal Peri, head of U.S. East Coast and Latam at Union Investment, based in New York City, said, “The rental growth in Fort Lauderdale is just exploding, reached almost 20 percent over the past year and is expected to remain well above inflation for years to come. The two EON towers will certainly continue to benefit from this upward trend. Flagler Village is a trendy submarket that targets young professionals and offers proximity to Fort Lauderdale’s downtown, the highly desira