Investcorp spends $350m on Florida and Arizona resi portfolio

Investcorp, based in Manama, Bahrain, has closed on the purchase of a six property multifamily portfolio for a combined $350 million. The assets, which total 2,800 units, are located in Florida and Arizona. The acquisitions include Highpoint Club and Montevista at Windermere in Orlando, Fla., Aqua Deerwood in Jacksonville, Fla., and Arcadia Cove, Tuscany Palms and Midtown on Main in Phoenix. The properties purchased follows Investcorp’s focus on investing in multifamily properties across high-growth metropolitan areas across the Southeast and Southwest. “Our commitment to U.S. residential real estate continues to serve our clients well,” said Herb Myers, Investcorp’s managing director, real estate investment. “The recently acquired portfolio builds upon our strong track record of investing in multifamily properties in growth markets over the past several years, and [those properties’] ability to deliver consistent yields in a yield-constrained global environment.”