Investcorp buys six multifamily properties for $311 mln

Investcorp has acquired six new multifamily properties for $311 million. The properties are based in Tampa, Florida; Houston, Texas; and Salt Lake City, Utah.

PRESS RELEASE

NEW YORK, Nov. 28, 2018 /PRNewswire/ — Investcorp, a leading manager of alternative investments, today announced that its U.S.-based Real Estate Investment team acquired six new multifamily properties, totaling 2,876 units for a combined purchase price of $311 million. The properties are located in major submarkets of three rapidly growing metro areas: Tampa, Florida; Houston, Texas; and Salt Lake City, Utah.

“The U.S. multifamily sector continues to present attractive opportunities, and we are pleased to announce the addition of these six properties to our U.S. real estate portfolio,” said Rishi Kapoor, Co-Chief Executive Officer of Investcorp. “These investments underscore our commitment to increasing Investcorp’s footprint in the U.S. market, a key driver of the firm’s overall growth strategy and a market on which we will be incredibly focused in 2019.”

The properties in the portfolio are all “garden style” apartment communities. They include two properties in Tampa, Florida comprising 1,231 units; three properties in Houston, Texas comprising 1,392 units; and one property in Salt Lake City, Utah comprising 253 units.

“Multifamily has always been a strong area of focus for Investcorp, and this portfolio is fully aligned with our strategy of investing in core plus U.S. real estate,” added Michael Moriarty, Principal in Real Estate Investment at Investcorp.

With the addition of these properties, Investcorp now owns approximately 13,000 multifamily units across the U.S. In the last 12 months, Investcorp has acquired more than 3,400 multifamily units across key U.S. metro markets.
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 $14 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.

About Investcorp
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 June 30, 2018, the Investcorp Group had US$22.6 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 175 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 $57 billion in transaction value.

Investcorp employs approximately 390 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore.