Investcorp says that its US team has acquired six new multifamily properties, totaling 2,876 units
Bahrain-based Investcorp has announced that its US team has acquired six new multifamily properties, totaling 2,876 units for a combined purchase price of $311 million.
The properties are located in major submarkets of three rapidly growing metro areas - Tampa, Florida; Houston, Texas; and Salt Lake City, Utah.
Hazem Ben-Gacem, co-CEO of Investcorp, said: “Investcorp continues to witness strong levels of activity in US real estate investment, which is a testament of our strong commitment to this market and asset class.
"The high occupancy rates of these property types, together with the positive outlook for the multifamily sector makes these six properties a natural fit to our existing portfolio of residential properties. With a solid growth strategy and an experienced team in place, we look forward to continue this positive momentum.”
The properties in the portfolio are all “garden style” apartment communities. They include two properties in Tampa, Florida comprising 1,231 units, three properties in Houston, Texas comprising 1,392 units, and one property in Salt Lake City, Utah comprising 253 units.
With the addition of these properties, Investcorp now owns about 13,000 multifamily units across the US. In the last 12 months, Investcorp has acquired more than 3,400 multifamily units across key US metro markets.
Since 1996, Investcorp said it has acquired more than 550 properties for a total value of more than $14 billion. Across the US, Investcorp targets logistics, multifamily and office properties located primarily in the largest 40 metropolitan areas with a focus on mid-market core and core-plus investment opportunities.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.