22 December 2021

Union Investment enters the US multifamily market with $226.5 million purchase

•    Purchase of two multifamily buildings with a total of 476 apartment units
•    In one of the most dynamic and attractive multifamily markets in the USA
•    For the UniImmo: Europa and UniImmo: Global portfolios

Union Investment is entering the US multifamily market. The Hamburg-based real estate investment manager has acquired 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. Flagler Village is the most dynamic and fastest-growing apartment submarket in Fort Lauderdale, Florida. The market is part of Miami’s MSA and currently one of the most attractive multifamily markets in the United States.

Matthew Scholl, Executive Director und Head of Investment Management Americas bei Union Investment

"In just three months since travel restrictions were lifted, our U.S. investment team has been able to acquire four properties valued at over $425 million in the US. This sum included our entry into two new asset classes for Union Investment in the US market, namely grocery anchored retail and multifamily. The acquisition of EON Squared further diversifies our strong US portfolio, which now totals roughly $6.5 billion Assets under Management."

Matthew Scholl, Executive Director und Head of Investment Management Americas at Union Investment.

EON Squared (Phase 1) was completed in May 2019 and has 206 apartment units with a total rentable area of approx. 192,600 square feet The purchase is made for the UniImmo: Global portfolio. EON Squared (Phase 2) was completed in July of this year and has 270 apartment units with a total of approx. 237,900 square feet. It will be part of the UniImmo: Europa portfolio.

Tal Peri, Senior Vice President und Head of US East Coast and Latin America bei Union Investment mit Sitz in New York City.

"We are extremely excited that we managed to secure our first two US multifamily assets in one shot. These two assets are amongst the newest and highest quality assets in the submarket with an amenity package that is unmatched. Additionally, 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."

Tal Peri, Senior Vice President und Head of US East Coast and Latin America at Union Investment in New York City.

Peri: "Flagler Village is a trendy submarket that targets young professionals and offers proximity to Fort Lauderdale’s downtown, the highly desirable and popular Las Olas shopping, restaurant and nightlife corridor, as well as the beach."

The two adjacent apartment towers offer residents first-class indoor and outdoor facilities, including two fitness centers with yoga and spinning rooms, two pools, coworking spaces, several lounges, play rooms, a movie room and a pet spa. Tenants will be able to take advantage of the amenities offered at both buildings.

The two properties are managed by Greystar, the largest operator and manager of multifamily properties in the United States.

The transaction was brokered by Walker & Dunlop’s South Florida team, led by Still Hunter.

Press contact

For Union Investment Real Estate GmbH

Astrid Lipsky

Astrid Lipsky

Manager Marketing/ Communication

+ 49 40 34919 4923