A unit of Brazil's TRX Holding Investimentos has entered a joint venture to buy and renovate multi-family housing projects in the United States, hoping to profit from the residential rental market in the world's largest economy.
TRX and US-based Cornerstone Properties Ltd will contribute equally to the venture, making an initial investment of up to $200 million in four projects in Florida this year, Fernando Fiuza, who heads TRX's US residential unit, said in an interview on Monday. The sum is enough to acquire up to 1,500 residential units, Fiuza said. He added that the partners would focus on buying apartment buildings with an occupancy rate of 95 percent, with a view toward renovating and eventually increasing rents.
TRX oversees $1.5 billion in assets in Brazil and the United States as a multi-sector real estate and development company, with interests ranging from the leasing of industrial warehouses to self-storage space and logistics.