Investcorp adds $400m multifamily residential portfolio
Investcorp has acquired eight residential properties in the metropolitan areas of Atlanta, Chicago, Dallas, Denver and Las Vegas for approximately $400 million. Investcorp’s real estate group has had a highly active period of investment. With the latest transactions, the firm’s total real estate acquisitions for the past 12 months exceed $1 billion.
“In an environment in which the U.S. homeownership rate has dropped to a 50-year low, these acquisitions affirm our confidence in the attractiveness of investing in high-quality multifamily rental properties in major U.S. markets. This fact, combined with the solid demographic and employment fundamentals in these areas, should assist in driving the upside potential of these investments,” said Herb Myers, managing director of real estate investment at Investcorp, in a statement.
Investcorp acquired each of the properties through joint ventures with local and regional operating partners. The e