Global alternative investment firm Investcorp announced it has acquired a portfolio of U.S. multifamily properties across the Southeast and Southwest regions. The total acquisition price was $330 million.
The eight-property portfolio encompasses 2,510 apartment units in five cities: Raleigh, N.C., Atlanta, Ga., Jacksonville, Fla., Phoenix, Ariz., and Dallas, Texas. All assets are Class B garden-style apartment communities that Investcorp plans to upgrade. A spokesperson for Investcorp declined to share more details about the properties the company acquired in the deal.
The acquisition comes on the heels of Investcorp’s purchase of six multifamily properties in November 2018 for $311 million.
“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,” said Herb Myers, managing director in real estate investment at Investcorp, in prepared remarks. “Each of these properties also offers us substantial opportunities for targeted interior and exterior renovations.”