Investcorp, with U.S. offices in Midtown Manhattan, said Tuesday it had sold eight multifamily properties located in Arizona, California, Florida and New York to multiple buyers for more than US$900 million. The properties were garden and townhome-style apartment buildings located in major metropolitan areas.

The Bahrain-based global investment manager acquired the properties separately in 2016 and 2017. It has since completed numerous value-enhancing initiatives, increasing average monthly revenue per unit by approximately 20% while also benefiting from what it calls “the targeted markets’ consistently strong housing fundamentals with favorable supply/demand dynamics.”

The sales “demonstrate our continued execution of our real estate strategy, targeting attractive, cash flow generating assets across the U.S.,” said Yusef Al Yusef, managing partner for Investcorp’s Private Wealth. “We see increasing demand for multifamily properties and we remain focused on delivering long-term value for our shareholders and investors.”