Investcorp acquired multi-apartment portfolio for $ 420 million

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Investcorp, a leading global provider and manager of alternative investment products, announced today that Investcorp has acquired five new U.S. apartment buildings in Arizona, Texas and Georgia.

The portfolio acquired by the fund includes 2,228 leases totaling approximately $ 420 million.

The acquisition marks the latest in a series of Investcorp deals in the US residential sector this year. In the past 10 months, the company completed over $ 1 billion in multi-family acquisitions and over $ 1.3 billion in residential and student sales.

While Investcorp narrowed its strategic focus on residential and industrial real estate in 2014, the momentum this year is partly attributed to the opportunities created by the changing real estate dynamics resulting from the Covid-19 pandemic. Today, Investcorp’s current global AUM for real estate is over $ 7 billion, of which over $ 3 billion is in US residential assets.

“As one of the largest investors in US multi-family real estate, we continue to pursue attractive opportunities as evidenced by our strong acquisitions and sales activities over the past year,” said Michael O’Brien, co-director of North America Real Estate and head of the residential vertical at Investcorp. “We have benefited from emerging markets with favorable economic trends and are able to move quickly to new deals.”

“The US residential sector has been a key focus for Investcorp throughout various economic cycles,” said Ryan Bassett, director of Investcorp. “This latest acquisition reflects our efforts to capitalize on real estate trends generated by the Covid-19 pandemic, including the gravitation of millennials (the largest generation of the US workforce) towards apartment buildings due to their flexibility and affordability.”

Since 1996, Investcorp has acquired over 900 properties for a total value of over $ 20 billion. According to Real Capital Analytics, Investcorp is the third largest international real estate buyer in the United States and the fourth largest international seller in the full years of 2019 and 2020.

The purchase included two properties in Atlanta; Rosemont Dunwoody, a 608-unit community in Sandy Springs, Georgia, and Rosemont Brookhollow, a 380-unit property in Norcross. Two properties are located in Phoenix; 436 Tides in Deer Valley (pictured above) and 380 Tides in Paradise Valley. In Texas, Investcorp has acquired 424 Tides on Harwood units in North Richland Hills.

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