SINGAPORE (Sept 18): CapitaLand has acquired a portfolio of 16 freehold, Class B multifamily properties in the US for US$835 million ($1.14 billion).

The portfolio comprises 3,787 apartment units in the suburban communities of Seattle, Portland, Greater Los Angeles and Denver, the sale and purchase agreement was signed through unit CapitaLand International. This translates to a price per unit of US$220,000, which is in line with market transactions.

CapitaLand’s latest acquisition marks the group’s foray into the country’s multifamily asset class.

It more than doubles the group’s investment in the US to over US$1.5 billion, and expands its presence in the market to over 6,500 units.

Read more on The Edge Singapore.