MANAMA: Investcorp has acquired a portfolio of five, 96 per cent occupied multifamily residential properties comprising 1,854 units across three key US suburban markets for approximately $330 million.

This latest acquisition expands the Bahrain-based alternative investment manager’s footprint in US multifamily real estate, where it has been one of the most active international buyers and sellers, including having recently sold more than $1 billion in US multifamily real estate assets.

In 2014, Investcorp narrowed its strategic focus to target what it believes to be the most resilient sectors of real estate, multifamily and industrial, which currently represent 90pc of the firm’s US real estate portfolio.

Following this transaction, Investcorp’s US multifamily real estate portfolio comprises more than 14,000 units across approximately 40 properties.

“We are excited to further enhance our significant multifamily real estate footprint in the US with these stable, highly-occupied properties in key suburban areas,” said Investcorp Real Estate product specialist Khulood Ebrahim.

“Our latest acquisitions are consistent with our defined investment approach and build upon our long history of investing in US multifamily real estate.”

The five Class B, garden-style ‘for rent’ apartment properties Investcorp acquired are located in suburban residential areas of Atlanta, Georgia; Baltimore, Maryland; and Jacksonville, Florida. The properties feature a variety of amenities, including swimming pools, fitness centres, clubhouses and 24-hour controlled access entry, among others, and are in desirable neighbourhoods with a high quality of life and close proximity to major transportation and employment hubs.

“These latest acquisitions support our strong conviction in the US multifamily sector, and align with our strategy of acquiring stable, highly-occupied properties in key markets with the potential for growth,” said Investcorp’s Bahrain and Kuwait private wealth head Mohamed Al Sada.

Since 1996, the firm has acquired more than 800 properties with a combined value of approximately $20bn.

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