Investcorp, a provider and manager of alternative investment products, recently sold eight multifamily properties located in Arizona, California, Florida and New York to multiple buyers for more than $900 million.
Investcorp noted that it purchased the assets in 2016 and 2017 and completed value-add initiatives, such as amenity upgrades and interior unit renovations, that helped increase the average monthly revenue per unit by approximately 20 percent.
“We continue to see attractive opportunities in US multifamily and industrial real estate given the strong secular tailwinds supporting their growth and resilience,” said Timothy Mattar, global head of distribution at Investcorp.
Investcorp is a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes and infrastructure. As of June 30, 2020, Investcorp Group had $32.2 billion in total assets under managment, including assets managed by third party managers.