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Investcorp Divests Eight Apartment Properties for $900M

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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition