Investcorp paid $370m for a portfolio of 11 residential properties in Florida, North Carolina, Georgia, Pennsylvania and Missouri. The seller, Equus, acquired the properties between 2013 and 2015 and spent more than $20m in renovations and upgrades. An Equus affiliate, Madison Apartment Group, will remain the property manager of the portfolio, which was 95 percent leased at the time of the sale.
“This diversified acquisition marks a very exciting milestone for our real estate investment team as this is the largest real estate portfolio we have acquired in the US market in more than 10 years,” said Mohammed Alardhi, executive chairman of Investcorp. “As one of the most active investors in US multifamily real estate, our real estate investment business continues to be an important driver of our ambitious long-term global growth strategy on the path to $50bn in AUM.”
