Allianz Real Estate has launched a strategic real estate investment with Archstone in the US residential sector, starting with co-investments in two apartment communities. The Allianz investment commitment is over $200 mln (EUR 144 mln).

'The Archstone venture is a compelling means to begin an investment programme in the US multi-family sector, a core element of our US real estate strategy and an investment alternative simply not available to the German Allianz investors within the Eurozone,' said Olivier Piani, CEO of Allianz Real Estate.

The two complexes are prime assets in Boston and Washington. Canadian pension fund giant CPPIB is also a partner in the joint venture.

Archstone controls or has an ownership position in 428 residential complexes in the US and Europe, representing 76,891 units, including units under construction.