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Investcorp makes $900M multifamily exit

Investcorp, a Bahrain-based provider and manager of alternative investment products, has sold eight multifamily properties located in Arizona, California, Florida and New York to multiple buyers for more than US $900 million. 

Michael O’Brien, Managing Director and Co-Head of North America Real Estate at Investcorp, said: “We worked diligently and methodically to assemble this portfolio of highly-leased residential properties in key target markets with strong underlying economies, growing populations and limited supply.  We are pleased with the value that we created for our investors and shareholders through these transactions.

“We believe that these sales are a testament to our ability to consistently execute on our investment thesis to target strong cash-flow generating assets with opportunities for further capital appreciation through active, hands-on management.”

The properties were garden and townhome-style apartment buildings located in major metropolitan areas in Arizona, California, Florida and New York (Atlantic Port, LI, pictured top).

Investcorp acquired the assets in 2016 and 2017 and completed numerous value-enhancing initiatives, increasing average monthly revenue per unit by approximately 20percent, implementing select property and amenity upgrades and interior unit renovations as well as benefitting from the targeted markets’ consistently strong housing fundamentals with favorable supply / demand dynamics.

Timothy Mattar, Global Head of Distribution at Investcorp, said: “We continue to see attractive opportunities in US multifamily and industrial real estate given the strong secular tailwinds supporting their growth and resilience. Looking ahead, we will continue to leverage our deep market expertise and long history of successfully investing in real estate to identify additional opportunities that we believe to meet our proven investment criteria.”

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