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Investcorp acquires $330M suburban multifamily portfolio

New York-based investment company, Investcorp, has acquired a portfolio of five, 96 percent occupied multifamily residential properties comprising 1,854 units across three key US suburban markets for $330 million.

The five Class B, garden-style for rent apartment properties are located in suburban residential areas of Atlanta, Georgia; Baltimore, Maryland; and Jacksonville, Florida.

The properties feature a variety of amenities, including swimming pools, fitness centers, clubhouses and 24-hour controlled access entry, among others, and are in desirable neighborhoods with a high quality of life and close proximity to major transportation and employment hubs.

The acquisition expands Investcorp’s footprint in US multifamily real estate, where it has been one of the most active international players. It has traded more than $1 billion in US multifamily real estate assets recently.

In 2014, Investcorp narrowed its focus to target what it believes to be the most resilient sectors of real estate, multifamily and industrial, which currently represent 90 percent of the firm’s US real estate portfolio.

Following this transaction, Investcorp’s US multifamily real estate portfolio comprises more than 14,000 units across approximately 40 properties.

“Our latest multifamily investments continue our successful strategy of acquiring highly-occupied, cash-flow generating properties in target markets that are supported by favorable economic trends and offer additional upside potential,” said Michael O’Brien, Managing Director and Co-Head of North America Real Estate at Investcorp.

MICHAEL O’BRIEN

“These transactions presented us with an opportunity to acquire five highly occupied assets in growing, supply constrained markets that we know very well. Looking ahead, we believe that multifamily real estate, and particularly Class B, will continue to be a highly sought-after asset class given its ability to offer consistent yields. These properties have delivered solid performance through COVID-19 and we look forward to executing on our strategic plan to enhance value creation.”

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