Investcorp has acquired a portfolio of five multifamily residential properties comprising 1,854 units across three key US suburban markets for $330 million.
The five Class B, garden-style “for rent” apartment properties, 96% occupied, are located in suburban residential areas of Atlanta, Georgia; Baltimore, Maryland; and Jacksonville, Florida.
Following this transaction, Investcorp’s US multifamily real estate portfolio comprises more than 14,000 units across approximately 40 properties.
”This latest acquisition expands Investcorp’s footprint in US multifamily real estate, where it has been one of the most active international buyers and sellers, including having recently sold more than $1 billion in US multifamily real estate assets,” said the company in a statement.
“We are excited to further enhance our significant multifamily real estate footprint in the US with these stable, highly-occupied properties in key suburban areas,” said Khulood Ebrahim, Real Estate Product Specialist at Investcorp. “Our latest acquisitions are consistent with our defined investment approach and build upon our long history of investing in US multifamily real estate.”
“These latest acquisitions support our strong conviction in the US multifamily sector, and align with our strategy of acquiring stable, highly-occupied properties in key markets with the potential for growth,” said Mohamed Al Sada, Head of Bahrain and Kuwait for Investcorp’s Private Wealth.
Since 1996, Investcorp has acquired more than 800 properties with a combined value of approximately US $20 billion.