Investcorp invests $400m in apartment assets
Investcorp has invested in three multifamily properties in California, Nevada and New York state for a total of nearly $400 million. All three properties are located in markets that benefit from robust fundamentals in the multifamily space.
Investcorp acquired Atlantic Point, a 795-unit, class A, 115-acre multifamily property located in Bellport, N.Y. The area has one of the tightest multifamily housing markets in the United States with a vacancy rate of 2.9 percent. Given the high cost of land and strict zoning regulations which makes it difficult to build, the area has seen minimal new development since the 1990s. Investcorp notes this has led to a favorable supply/demand imbalance in the overall market. The region is home to Brookhaven National Lab, Stony Brook University, Brookhaven Memorial Hospital and Stony Brook University Hospital.
In addition, Investcorp purchased The Highlands, a 556-unit, class B, garden-style multifamily housing unit in Grand Terrace, Cali