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L&G Asset Management moves into new US multifamily project in Massachusetts
L&G says it expects to hold the Concord, Massachusetts development for an incredibly long time as it targets additional deals amid fewer new builds.
London-based asset manager L&G Asset Management is leaning into the US multifamily market after making its first investment in a new development. Bisnow reports that the firm funded the Concord, Massachusetts project in August, following prior investments in existing multifamily buildings in Denver and Chicago last year.
The Concord project began construction last month, and L&G is now seeking more multifamily opportunities as sector development slows. Bisnow attributes the slowdown to elevated interest rates, higher construction costs, and stagnant rents.
In comments to Bisnow, L&G’s U.S. head of investment and portfolio management, Tim Watson, said the current slowdown creates an opportunity for long term investments in markets where demand is expected to outpace new supply.
The article also notes that the investor expects to hold these assets for an incredibly long time, with the strategy focused on areas where multifamily fundamentals can remain strong over the long run.