Investcorp, a leading manager of alternative investments, said its US-based real estate investment team has acquired six new multifamily properties in the US, totaling 2,876 units for a combined purchase price of $311 million.
These properties are located in major submarkets of three rapidly growing metro areas: Tampa (Florida), Houston (Texas) and Salt Lake City (Utah), said a statement from the Bahrain-based company.
The properties in the portfolio are all “garden style” apartment communities. They include two properties in Tampa comprising 1,231 units; three in Houston comprising 1,392 units; and one property in Salt Lake City, comprising 253 units.
Co-CEO Hazem Ben-Gacem said Investcorp continues to witness strong levels of activity in US real estate investment, which is a testament of its strong commitment to this market and asset class.
"The high occupancy rates of these property types, together with the positive outlook for the multifamily sector makes these six properties a natural fit to our existing portfolio of residential properties. With a solid growth strategy and an experienced team in place, we look forward to continue this positive momentum," he noted.
Babak Sultani, the managing director, Real Estate Product Specialist at Investcorp, added: “As one of the long standing and most active foreign investors in U.S. real estate, we have built the required depth and experience to identify attractive investment opportunities like this one. These six multifamily properties are strategically located in rapidly growing metropolitan areas, which gives us confidence in their long-term value.”
With the addition of these properties, Investcorp now owns approximately 13,000 multifamily units across the US. In the last 12 months, Investcorp has acquired more than 3,400 multifamily units across key US metro markets.-TradeArabia News Service
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