Singaporean real estate company CapitaLand Ltd. closed its US$835 million acquisition of 16 freehold multifamily properties in the U.S.
The 3,787-unit portfolio comprises the Canterra at Fitzsimons, SilverBrook, Sienna at Cherry Creek, Parkfield and Dartmouth Woods in Denver; the Miramonte Lodge, The Bluffs and Stoneridge at Cornell in Portland, Ore.; Capitol City on the Course, Centrepointe Greens, Timberline Court, the Village at Union Mills and Heronfield in Seattle; and The Ashton, Deerwood Apartments and Marquessa Villas in Greater Los Angeles.
The property holding entities have now become wholly owned subsidiaries of CapitaLand. Six of the properties were acquired through shares in the holding entities, according to a release. The transaction marks the company's debut in the U.S. multifamily sector.
CapitaLand said in September that it plans to invest more than US$1.5 billion in the U.S. and grow its multifamily portfolio to over 6,500 units.