Hines U.S. Property Partners (HUSPP), a commingled U.S. core-plus fund, has acquired a Houston industrial asset as part of a three-property portfolio acquisition. Boulevard Oaks in Houston, along with the two multifamily assets, was acquired for a combined $454 million.

The fund’s Gross Asset value is now $2 billion, and more than 80% of its assets are allocated to the industrial, living, and alternative sectors.

Boulevard Oaks is a 1.5 million-square-foot Class-A infill industrial portfolio consisting of 10 buildings and ample parking for cars and trailers, with easy accessibility to Beltway 8 and Hwy 59. It is HUSPP’s twelfth industrial investment and second investment in Houston and offers a strategic opportunity to expand into a highly sought-after submarket.

HUSPP expects to continue investing in the living, industrial, and mixed-use sectors, as well as select alternative sectors such as data centers and self-storage, to construct a diversified portfolio that targets a balance of yield and growth.