Mubasher: GFH Financial Group has boosted its multifamily residential portfolio in the US after acquiring the third asset, a luxury high-rise in Baltimore, Maryland, for $90 million.

The deal diversifies the company's US assets and comes amid growing demand for US multifamily residential properties among renters, according to a press release on Sunday. 

The Manama-based firm acquired the 17-story property in Baltimore in a Sharia-compliant joint venture with Broadshore Capital Partners, majority-owned by Guardian Life, a New York-based Fortune 500 Company with over $71 billion of assets under management (AUM).

The CEO at GFH Capital SA, Razi Al Murbati, said: “We are aiming to acquire a diverse set of residential properties across the US which will vary in terms of location, size, and local demographics to generate stable cash flows. Our ambitious but calculated real estate strategy favours resilience and is focused on delivering growth and value creation for stakeholders. Our total assets and funds under management now exceed $13 billion.”

GFH said that it aims to acquire assets that are located in areas with strong medical centres and education facilities to support stable population growth, noting that there is a rising demand for suburban living with larger living spaces, property amenities, and outdoor space. 

Back in September, GFH Financial Group signed a deal with the US-based real estate specialist Carroll to acquire two multifamily residential sites in Las Vegas in exchange for $200 million.