Investcorp Acquires $311M Multifamily Portfolio
The properties, totaling 2,876 units, include three communities in Houston, two in Tampa, Fla., and one in Salt Lake City.
Investcorp’s Real Estate Investment team has acquired six multifamily communities for $311 million. The portfolio comprises all garden-style properties, two of which are located in Tampa, Fla. totaling 1,231 units, three in Houston totaling 1,392 units and one in Salt Lake City totaling 253 units.
“Multifamily continues to be a strong performer for Investcorp as is demonstrated by our track record across U.S. growth markets,” Herb Myers, managing director in Real Estate Investment at Investcorp, told Multi-Housing News. “The properties in this portfolio are particularly appealing to us because they offer opportunities to deliver consistent cash flow for our investors and also provide meaningful opportunities to add value through renovations.”
With the inclusion of this portfolio, the firm now owns 13,000 units across the country. In the last year, Investcorp has purchased more than 3,400 apartments across key metros. Last month, a joint venture between Investcorp and TruAmerica Multifamily sold Esprit at Cherry Creek for $93 million. The 561-unit community in Denver was purchased by Bridge Investment Group.
Image courtesy of Investcorp