Cheval Apartments is a ‘multifamily’ asset – a high quality 387 unit residential complex which is centrally located near major employment and lifestyle centres in Houston, Texas.

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Cheval was acquired in August 2007 for US$52.02 million due to its strong appeal to a growing population of young professionals in Houston, its defensive return profile and specific asset management opportunities to grow rents.

AMP Capital Fund Manager Tim Fallet said the performance of the asset had defied expectations of properties bought pre-GFC.

"Our determination of Cheval as an excellent investment opportunity was borne out over the last six years, with a high quality asset, positive market conditions and very active leasing team resulting in strong performance in both rental and capital growth," Mr Fallet said.

"Due to a favourable transactional environment and anticipated supply-side threats to the Houston market, we decided to market Cheval for sale early this year. With over 100 expressions of interest and over a dozen offers, we were very pleased with the level of demand and pricing tension.

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"This transaction allows us to capitalise on the high demand for core assets at this point in the cycle and redeploy the proceeds into top tier secondary US markets poised for growth," Mr Fallet concluded.

This divestment follows the recent purchases of office buildings located in Tampa and Boston announced earlier this year.

The AMP Capital Global Direct Property Fund provides Australian superannuation funds with access to core and core plus direct property investment opportunities in large, liquid and transparent offshore markets. The fund invests in a strategic mix of international direct property assets across all the property sectors.