Investcorp, an alternative asset manager, is growing its multifamily real estate portfolio with a series of acquisitions that increase its total multifamily holdings to more than 13,000 units.
Investcorp announced Wednesday that it recently acquired six multifamily properties, with a total of 2,876, for a combined purchase price of $311 million.
The properties are located Tampa, Florida; Houston, Texas; and Salt Lake City, Utah.
According to Investcorp, the properties are all “garden style” apartment communities. The acquisition includes two properties in Tampa with 1,231 total units; three properties in Houston with 1,392 total units; and one property in Salt Lake City with 253 units.
With the addition of these properties, Investcorp now owns approximately 13,000 multifamily units in the U.S. In the last year, Investcorp acquired more than 3,400 new multifamily units.
“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,” Kapoor added.
Investcorp also operates in Europe, the Middle East, North Africa region, and Asia, and has offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore.