Investcorp said the acquisition further strengthens its US multifamily real estate portfolio and follows a highly active period of investment in multifamily properties.
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Multifamily property portfolios currently represent the largest part of Investcorp’s global real estate platform, with an approximate value of $2.3 billion.
Investcorp’s multifamily portfolios span across 15 markets totaling 18 properties and more than 14,000 units.
Since inception, the value of Investcorp’s real estate investments have totalled over US $18 billion across more than 800 properties.
“Over the last several years, we have been actively building our US multifamily real estate portfolio by targeting properties in strategic locations that enable us to capitalize on the secular trend toward renting rather than home ownership,” said Yusef Al Yusef, head of Gulf Institutional Clients Group at Investcorp.
“The purchase of these properties in the attractive South Florida market aligns with our defined investment strategy of targeting strong cash flow generating assets that we believe are positioned to generate consistent returns while providing upside potential.”
The acquisition of the two apartment properties in South Florida provides Investcorp with a 95 percent occupied portfolio of 836 units.
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