Bahrain-based Investcorp has announced that it has invested $220 million to buy five residential properties in the US.
The company said the purchases included three student housing properties in Boca Raton, Florida, and residential properties in Minneapolis, Minnesota.
“Investcorp is continuing to grow its US real estate presence and we believe these properties are an exciting addition to our existing portfolio,” said Yasser Bajsair, Investcorp’s managing director in Saudi Arabia, according to a press statement.
“The US rental market is increasingly important as the rate of home ownership in the US continues to decline and we believe these properties are based in high demand markets and have strong occupancy rates.”
Investcorp has a long-established US real estate business and has grown into being one of the biggest foreign buyers of US real estate.
The firm has closed transactions with a value totalling around $1.5 billion in the past year, including student housing in Florida, apartments in Atlanta, Chicago, Dallas, Denver and Minneapolis, and commercial property in the Northwest, Southwest and West Coast.
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