Investcorp Snaps Up Five More Multifamily Properties
The Florida properties are comprised of student housing properties, while the Minnesota properties are standard apartment communities.
University View (Boca Raton Student Housing Portfolio) (PRNewsFoto/Investcorp)
Boca Raton, Fla.—In two separate transactions, Investcorp’s U.S.-based real estate arm has acquired residential properties: three in Boca Raton, Fla., and two in metro Minneapolis, for a total of about $220 million. The Florida properties are comprised of student housing properties, while the Minnesota properties are standard apartment communities.
The student housing totals 892 beds and enjoys a 98 percent occupancy rate. They include University Park, University View (pictured) and University Square, and serve the housing needs of students from three local universities that Investcorp characterizes as growing: Florida Atlantic University, Palm Beach State College and Lynn University. Common amenities include fitness centers and shuttle service to Florida Atlantic University.
The residential properties in suburban Minneapolis total 854 units and enjoy an average occupancy rate of 95 percent. The Minneapolis MSA, the buyer noted, currently has the lowest unemployment rate in the United States at 2.9 percent, a fact that spurs demand for apartments in the region.
Hampshire Hill, in Bloomington, is a 534-unit garden-style apartment property containing a mix of studio and one- and two-bedroom units. Common amenities include landscaped grounds, pool, fitness center and laundry rooms.
Southwind Village, in Burnsville, is a 320-unit townhome-style property. It boasts a newly renovated fitness center, outdoor swimming pools and a six-acre park, and the property is located near several large companies, including Pepsi Bottling Group, UTC Aerospace Systems and Fairview Ridge Hospital.
Bahrain-based Investcorp has been an active real estate buyer during the last 12 months, outlaying about $1.5 billion. The firm’s investments span commercial and residential properties within the top 30 largest markets in the U.S., including the recent acquisition of an office building in Washington, D.C., an industrial portfolio in Atlanta, and office buildings in the submarkets of Atlanta, San Francisco, and Boston.
