Bahrain's Investcorp buys 10 new properties in US
The conclusion of these deals represents the culmination of a 12-month period during which Investcorp saw record investment volume in real estate of approximately $1.6bn
Bahrain's Investcorp announced that its US-based real estate arm has acquired five multi-family apartments and five student housing properties in several major metropolitan markets across the country.
The conclusion of these deals represents the culmination of a 12-month period during which Investcorp saw record investment volume in real estate of approximately $1.6bn of gross transaction value.
The acquisitions are consistent with Investcorp’s strategy to invest in high-quality properties throughout key US markets that, it believes, will provide attractive cash yields and upside, Investcorp said.
Mohammed Al-Shroogi, co-CEO at Investcorp, said: “These new additions to the Investcorp US real estate portfolio are a mix of multi-family and student housing properties, and are all located in high growth, major metropolitan areas. Each acquisition is in a strategic location where there is a significant demand for housing – whether that be from a robust employment market or housing needs stemming from students who attend nearby universities, all of these properties are located in regions with strong market fundamentals.”
Little Cottonwoods Apartments is a 379 unit, Class B, garden style apartment property located in the Tempe submarket of Phoenix, Arizona. Little Cottonwoods was acquired in joint venture with TruAmerica and is the fourth transaction between the parties.
The Raleigh-Nashville multi-family portfolio is a four-property, 1,176-unit, Class B apartment, with three assets located in Raleigh, North Carolina and one in Nashville, Tennessee. The Raleigh-Nashville portfolio was acquired in joint venture with Redwood Capital Group and is the fourth transaction between the parties, Investcorp said.
The Tampa and Indianapolis properties comprise two recently built, Class A student housing communities totaling 1,080 beds; with 722 beds located in Tampa and 358 in Indianapolis. These properties serve students attending the University of South Florida and Indiana University-Purdue University Indianapolis, respectively, and average close to 100occupancy rates year over year. The Tampa-Indianapolis properties were acquired in joint venture with the Preiss Organization and represent the fifth transaction between the parties.
The Raleigh Student Housing portfolio comprises three recently built, Class A student housing communities totaling 890 beds in Raleigh, North Carolina. These properties serve students attending North Carolina State University and have historically maintained nearly100% occupancy. This portfolio was acquired in joint venture with the Preiss Organization and is the sixth transaction between the parties, it said.