Bank of Ireland Private Banking has snapped up 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.

This acquisition expands the bank's geographic reach - which now covers seven markets across Europe, Asia and the US - and also takes it into a new property sector, the “multi-family” sector.

Peter Collins, property director of Bank of Ireland Private Banking, said: "Multi-family has strong income-producing characteristics due to the stability of the flow of the rental income and, relative to other sectors, offers comparable returns for lower volatility. Demand for multi-family property, and thus positive outlook for returns, is being driven by a growing population, a strong economy and deteriorating affordability for owner-occupied houses."