Bank of Ireland Private Banking has bought its first US property asset for €54.5 million ($71.7 million).
The bank has acquired a 312-unit apartment building on 33 acres within a major residential and commercial property complex in Burlington, north of Boston.
The bank said its investment strategy provides for a refurbishment programme that will generate incremental growth in rental premiums. The property has average occupancy rates of 97 per cent.
Peter Collins, property director of Bank of Ireland Private Banking, said: "We have been researching the US market extensively over the past two years, during which time we have seen residential property turn from boom to bust and pricing become more challenging in the commercial market.
"In our search for value for investors, our research identified the US multi-family sector as providing an investment opportunity that offered our clients the potential for significant gains in this environment."