InvestmentsReal Estate

Investcorp continues growing multifamily portfolio with $330 million round of acquisitions

Acquires 8 “garden style” Class B apartment communities

For the second time in just a few months, Investcorp is growing its multifamily portfolio by more than 2,000 units.

In late November, Investcorp, an alternative asset manager, acquired six multifamily properties with a total of 2,876 units for a combined purchase price of $311 million.

All of the units acquired were “garden style” apartments, and the company said that it planned to continue investing in that category moving forward.

And that’s just what Investcorp has done.

The company announced Tuesday that it recently acquired eight more “garden style” Class B apartment communities for $330 million. According to the company, the acquisitions have a total of 2,510 units.

All of the acquisitions are located in either the southeast or southwest regions of the U.S., specifically Atlanta; Dallas; Phoenix; Raleigh, North Carolina; and Jacksonville, Florida.

“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,” Kapoor added.

The company said that it views the properties as solid investments due to a number of factors, including their location, “strong” market dynamics, and the renovation possibilities for each property.

“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,” Herb Myers, managing director in Real Estate Investment at Investcorp, said. “Each of these properties also offers us substantial opportunities for targeted interior and exterior renovations.”

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