New portfolio includes 2,510 units across North Carolina, Georgia, Florida, Arizona and Texas
Bahrain-based Investcorp on Tuesday announced that its US-based real estate investment team has acquired eight new multifamily properties.
The portfolio includes 2,510 units for a total purchase price of $330 million, it said in a statement.
It added that the properties span the submarkets of five rapidly growing metro areas across the Southeast and Southwest states - North Carolina, Georgia, Florida, Arizona and Texas.
“Since inception, Investcorp has been one of the most active foreign investors in US real estate. These acquisitions are consistent with the firm’s strategy to invest in high-quality properties with a promising outlook in key US cities,” said Hazem Ben-Gacem, co-CEO of Investcorp.
“We are bullish on the US property market and are eager to scope out more opportunities like these in the coming period, to build on our successful track record to date.”
Timothy Mattar, head of Placement & Relationship Management at Investcorp, said: “The US real estate sector remains an attractive market for Investcorp and a highly demanded asset class for clients looking for more predictable cash flow. The acquisition of these eight properties builds on the period of strong activity for our real estate team.”
Across the US, Investcorp said it targets existing logistics, multifamily and office properties located primarily in the largest 40 metropolitan areas.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.