Bahrain-based global provider and manager of alternative investment products, Investcorp has acquired a portfolio of five 96 percent occupied multifamily residential properties comprising of 1,854 units across three key US suburban markets for nearly $330 million.
With the new acquisition, Investcorp will be able to expand its footprint in US multifamily real estate, where it already has one of the most active international buyers and sellers with its recent sale valued at more than $1 billion in US multifamily real estate assets.
In 2014, Investcorp increased its focus on what it believes to be the most strong sectors of real estate, multifamily and industrial, which currently represent 90 percent of the firm’s US real estate portfolio.
After completing the current transaction Investcorp’s US multifamily real estate portfolio will comprise of more than 14,000 units across approximately 40 properties. Since 1996, Investcorp has acquired more than 800 properties worth about $20 billion.
“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. Our latest acquisitions are consistent with our defined investment approach and build upon our long history of investing in US multifamily real estate.”
The five Class B, garden-style apartment properties located in suburban residential areas of Atlanta in Georgia, Baltimore in Maryland, and Jacksonville in Florida feature a wide variety of amenities like swimming pools, fitness centers, clubhouses and 24-hour controlled access entry, among others.
Commenting on the new acquisition Yusef Al Yusef, Managing Partner of Investcorp’s Private Wealth Platform stated that, “Amid increasing demand for US multifamily properties, we are actively seeking out opportunities that align with our strategic approach. We remain focused on delivering long-term value through the acquisition of highly-leased, cash flow generating assets underpinned by solid economic fundamentals.”