|24 February, 2020

Investcorp enhances US multifamily real estate portfolio with US $164 million South Florida acquisitions

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 enhances US multifamily real estate portfolio with US $164 million South Florida acquisitions

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.

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