Investcorp acquires two US residential properties for $164 million
February 24, 2020 | 4:31 PM
by Times News Service
Photo: Supplied

Bahrain: Investcorp, a leading global provider and manager of alternative investment products, announced that its US-based real estate team has acquired two residential properties in South Florida for approximately $164 million.

The acquisition further strengthens Investcorp’s US multifamily real estate portfolio and follows a highly active period of investment in multifamily properties after the firm ranked as the second-largest international acquirer of US multifamily properties in the calendar year 2019, according to Real Capital Analytics.

Multifamily property portfolios currently represent the largest part of Investcorp’s global real estate platform, with an approximate value of US $2.3 billion. Investcorp’s multifamily portfolios span across 15 markets totalling 18 properties and more than 14,000 units. Since inception, the value of Investcorp’s real estate investments have totalled over the US $18 billion across more than 800 properties.

The acquisition of the two Class B, “for rent” apartment properties in South Florida provides Investcorp with a 95 per cent occupied portfolio of 836 units. The two properties feature recently renovated interiors, upgraded common areas with amenities, including clubhouses and pools. Both properties are located in neighbourhoods with a number of retail and entertainment attractions and are near downtown Fort Lauderdale and South Florida’s employment hubs. The South Florida metropolitan area benefits from a strong, growing and diversified economy with a lower unemployment rate and higher job growth expectations compared to the US national average.

“Given the limited supply of Class B apartments in South Florida, an area which features strong recent population growth and positive job growth forecasts, we are confident that these properties will further enhance our long history of investing in the US multifamily space,” said Tarek AlMahjoub, Managing Director at Investcorp for the Dubai and Oman markets. “Looking ahead, we believe that there continue to be significant opportunities in the US multifamily space in our targeted markets, all of which are currently underpinned by solid economic fundamentals with healthy demand.”

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