Investcorp has acquired six multifamily properties, with a total of 2,876 units, for a combined purchase price of $311 million.
The properties are located in Tampa, Houston and Salt Lake City.
The properties are all “garden-style” apartment communities. The acquisition includes two properties in Tampa with 1,231 total units; three properties in Houston with 1,392 total units; and one property in Salt Lake City with 253 units.
With the addition of these properties, Investcorp now owns approximately 13,000 multifamily units in the United States.
“The U.S. multifamily sector continues to present attractive opportunities, and we are pleased to announce the addition of these six properties to our U.S. real estate portfolio,” said Rishi Kapoor, co-chief executive officer of Investcorp.
U.S. multifamily monthly rents dropped by $1 to $1,420 in October 2018, the second straight month of decline, according
