Investcorp has sold a portfolio of multifamily properties located in Raleigh, North Carolina to TruAmerica Multifamily for $109 million. Investcorp purchased the 830-unit portfolio in 2016.
“This transaction underscores our ability to successfully execute on our investment thesis as we added significant value to these strategically located properties over a three-year period, completing a number of renovations while also benefitting from the Raleigh market’s continued growth. We look forward to continuing to build upon our track record in the multifamily space,” said Michael O’Brien, Managing Director in Real Estate Investment at Investcorp.
According to Real Capital Analytics, Investcorp ranks as a top 10 international investor in U.S. real estate over the past five years and is one of the top 50 overall investors in U.S. real estate during the same period.