Investcorp acquires 8 multifamily properties in the U.S.

Florida multifamily property

Investcorp’s U.S.-based Real Estate Investment team has acquired eight new multifamily properties for $330 million.

The portfolio includes 2,510 units ans the properties spread across the Southeast and Southwest regions: Raleigh, North Carolina; Atlanta, Georgia; Jacksonville, Florida; Phoenix, Arizona; and Dallas, Texas.

“The acquisition of this multifamily portfolio builds on our strong successes in the U.S. and European real estate markets, and demonstrates the important role we see our real estate investment business playing in our overall investment strategy for 2019,” said Rishi Kapoor, Co-Chief Executive Officer of Investcorp. “Looking ahead, the U.S. remains a priority market for us as we continue to see investment opportunities aligned with our objective of securing strong in-place cash flows and value-add opportunities.”

All the properties within this portfolio are “garden style” Class B apartment communities in locations where Investcorp has demonstrated an ability to create value and believes there are strong market dynamics.

“Not only does this portfolio closely align with our demonstrated strategy of investing in core plus U.S. real estate, but it also underscores our commitment to focusing on multifamily properties located in metro areas recognized for having solid employment and population growth. Each of these properties also offers us substantial opportunities for targeted interior and exterior renovations,” said Herb Myers, Managing Director in Real Estate Investment at Investcorp.