Investcorp acquired a 2,876-unit apartment portfolio for $311m. The schemes are located in major submarkets of three rapidly growing metro areas in Florida, Texas and Utah. The deal includes two properties in Tampa, Florida, totaling 1,231 units, three properties in Houston, Texas, totaling 1,392 units and one 253-unit asset in Salt Lake City, Utah. Investcorp now owns approximately 13,000 multifamily units across the US.
“The U.S. multifamily sector continues to present attractive opportunities, and we are pleased to announce the addition of these six properties to our US real estate portfolio,” said Rishi Kapoor, co-CEO of Investcorp. “These investments underscore our commitment to increasing Investcorp’s footprint in the US market, a key driver of the firm’s overall growth strategy and a market on which we will be incredibly focused in 2019.”
