PHOTO
Bahrain – Investcorp, a leading global provider and manager of alternative investment products, today announced that its US-based real estate team has acquired two residential properties in South Florida for approximately US $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 calendar year 2019, according to Real Capital Analytics.
“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.”
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 totaling 18 properties and more than 14,000 units. Since inception, the value of Investcorp’s real estate investments have totaled over 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% 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 neighborhoods with a number of retail and entertainment attractions and are in close proximity to 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.
© Press Release 2020Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
