IPE Real Assets
July 7, 2021
US real estate investment firm Accesso has set up a multifamily division and seeded the new unit with two development projects.
Accesso, which is expanding beyond its focus on offices, said the newly launched multifamily division will invest in rental housing assets in high-growth, housing-constrained markets across the US.
The multifamily arm’s seeded assets include a luxury active adult community in Charlotte, North Carolina, and a garden-style housing property in Greer, South Carolina, which is part of the Greenville Metropolitan Statistical Area.
Accesso will partner with developer Proffitt Dixon Partners, on both projects.
Claudio Dombey, founding and managing partner, investor relations for Accesso, said: “We are thrilled to venture into multifamily, an asset class defined by its market resilience and potential for attractive risk-adjusted returns.
“We’ve been contemplating an expansion into multifamily for some time given the consistently strong demand for housing – which has only accelerated during the pandemic – and we’d been looking for the right investment opportunities and a partner of the calibre of Proffitt Dixon Partners to make the move official.”
Wyatt Dixon, founding partner at Proffitt Dixon Partners, said: “We are happy to partner with such a well-respected and capable group as Accesso. We expect that these projects will be the first of many successful partnerships together.”
Alan Garzon, director, investor relations for Accesso, said: “While we continue to be bullish on the office sector and believe in its long-term potential as employees return to the office this year, investing in multifamily provides us with a new avenue to diversify our business.
“We look forward to helping meet the unmet demand for housing in high-growth regions such as the Southeast, which continue to see an influx of migration from higher tax and cost-of-living states that have resulted in a lack of supply for the high-quality multifamily developments we will be funding.”