In 2021, we acquired three income-yielding multifamily residential assets in prime locations in Las Vegas, Nevada and Baltimore, Maryland as part of our diversifying real estate portfolio. The portfolio consists of The Las Vegas Portfolio, a two-property portfolio of 819, garden style units in East Las Vegas, NV and the Baltimore Asset which is a 347 unit, high-rise, property in Baltimore, MD.

The multifamily residential sector has proven its resilience with more than 90% rental collection rate during the COVID pandemic and has continued to witness significant investor interest. The sector is supported by the growing demand for multifamily units resulting from the growth in home prices and the increasing preference for renting compared to owning.

In this portfolio, we partnered with two named companies; Carroll, a JV Partner with 700+ employees and 30,000+ units owned and managed by them, and Broadshore, a JV Partner with 150 years of experience and 30+ multifamily investments worth US$1.4 billion.