Investcorp has announced it has sold eight multifamily properties in four states for more than $900 million.
The Bahrain-based global investment manager said in a press release that it traded the apartment communities to multiple buyers in four states—Arizona, California, Florida and New York. The firm did not disclose the names of any of the buyers or addresses of the properties.
The properties, described as “garden and townhome-style” apartment communities in major markets within the four states, were acquired by Investcorp in 2016 and 2017. The company undertook capital improvement plans at the properties including amenity upgrades and interior unit renovations that increased revenue by around 20 percent.
Investcorp Global Head of Distribution Timothy Mattar said in prepared remarks that the firm is continuing to look at attractive opportunities in multifamily and industrial markets in the U.S.
The deal comes two weeks after Investcorp announced the acquisition of 32 industrial properties across four major markets in the U.S. for $280 million, growing the firm’s U.S. industrial portfolio to 22 million square feet worth roughly $2 billion.
Investcorp has been an active player in the multifamily market over the past few years, especially in the Sunbelt and Southeast regions. In one of its last big purchases, the firm acquired a five-state portfolio of multifamily properties totaling 2,615 units from Equus Capital Partners for $370 million. That acquisition came four months after Investcorp paid $330 million for a 2,510-unit portfolio of Class B apartment communities in five major cities: Raleigh, N.C.; Atlanta; Jacksonville, Fla.; Phoenix, and Dallas.