Investcorp said Feb. 12 that it acquired a portfolio of eight multifamily properties of 2,510 units for $330 million. The properties span the submarkets of five metro areas across the Southeast and Southwest regions: Raleigh, North Carolina; Atlanta, Georgia; Jacksonville, Florida; Phoenix, Arizona; and Dallas, Texas.
NEW YORK, Feb. 12, 2019 /PRNewswire/ — Investcorp, a leading global provider and manager of alternative investment products, today announced that its U.S.-based Real Estate Investment team acquired eight new multifamily properties. The portfolio includes 2,510 units for a total purchase price of $330 million. The properties span the submarkets of five rapidly growing metro areas across the Southeast and Southwest regions: Raleigh, North Carolina; Atlanta, Georgia; Jacksonville, Florida; Phoenix, Arizona; and Dallas, Texas.
“The acquisition of this multifamily portfolio builds on our strong successes in the U.S. and European real estate markets, and demonstrates the important role we see our real estate investment business playing in our overall investment strategy for 2019,” said Rishi Kapoor, Co-Chief Executive Officer of Investcorp. “Looking ahead, the U.S. remains a priority market for us as we continue to see investment opportunities aligned with our objective of securing strong in-place cash flows and value-add opportunities.”
All the properties within this portfolio are “garden style” Class B apartment communities in locations where Investcorp has demonstrated an ability to create value and believes there are strong market dynamics.
“Not only does this portfolio closely align with our demonstrated strategy of investing in core plus U.S. real estate, but it also underscores our commitment to focusing on multifamily properties located in metro areas recognized for having solid employment and population growth. Each of these properties also offers us substantial opportunities for targeted interior and exterior renovations,” said Herb Myers, Managing Director in Real Estate Investment at Investcorp.
Investcorp’s New York-based real estate team is an active investor in U.S. commercial and residential real estate equity and high-yield debt. Since 1996, Investcorp has acquired more than 550 properties for a total value of more than $15 billion. Across the U.S., Investcorp targets existing 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.
Investcorp’s Real Estate group is a fully-integrated real estate acquisition and management platform, which operates in the US and Europe. The group has over $5bn in gross real estate assets under management and operates a diversified investment approach, investing across a broad range of sectors including; office, multifamily, student housing, industrial, retail, and hotels.
Investcorp is a leading global manager of alternative investments. Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy. The Firm continues to focus on generating value through a disciplined investment approach in four lines of business: private equity, real estate, absolute return investments and credit management.
As at December 30, 2018, the Investcorp Group had US$22.5 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM.
Since its inception in 1982, Investcorp has made over 185 Private Equity deals in the U.S., Europe, the Middle East and North Africa region and Asia, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 600 commercial and residential real estate investments in the US and Europe, for in excess of US $59 billion in transaction value.
Investcorp employs approximately 400 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore. For further information, including our most recent periodic financial statements, which details our assets under management, please refer to: