Bahrain’s Investcorp sells real estate worth $109m in Raleigh, US
Manama-HQ’d company sells 830-unit portfolio of multifamily properties in Raleigh to Tru America Multifamily
Bahrain Bourse-listed investment management firm Investcorp has announced the sale of multifamily properties in the US, comprising 830 units, to Los Angeles-based investment company Tru America Multifamily through a $109m (BHD41.1m) transaction.
The Manama-headquartered company purchased the real estate portfolio in 2016, and has completed value-add upgrades to the properties in the years since.
Managing director of real estate investment at Investcorp, Babak Sultani, said that the transaction was in line with the firm’s investment plans to add value to properties over a three-year period and completing renovations at these schemes, while also benefitting from the Raleigh market’s growth patterns.