Investcorp Spends $311M For Multifamily Assets In 3 U.S. Cities

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An Apartment Community In Houston.

Investcorp has been on a buying tear, and it just added to its holdings, dropping $311M to purchase six multifamily properties totaling 2,876 units in three U.S. metros: Houston, Salt Lake City and Tampa, Florida.

“Multifamily has always been a strong area of focus for Investcorp, and this portfolio is fully aligned with our strategy of investing in core plus U.S. real estate,” Investcorp Principal in Real Estate Investment Michael Moriarty said in a statement.

While the company didn't disclose the name and address of the properties, all are garden-style communities:

  • Houston: Three properties, 1,392 units.

  • Tampa: Two properties, 1,231 units.

  • Salt Lake City: One property, 253 units.

Year-to-date, Investcorp has acquired more than 3,400 units across the U.S. With the latest pickup, its total of apartment units rises to about 13,000 in the U.S.

“These investments underscore our commitment to increasing Investcorp’s footprint in the U.S. market, a key driver of the firm’s overall growth strategy and a market on which we will be incredibly focused in 2019,” Investcorp co-CEO Rishi Kapoor said in a statement.

Investcorp, a global manager of alternative investment products for institutional and high net worth individuals, is on a mission to rapidly grow its U.S. holdings. It targets existing logistics, multifamily and office properties in 40 key markets. Since launching in 1996, the company has acquired more than 550 assets for more than $14B.

In September, the company made its largest-ever U.S. warehouse portfolio acquisition, spending $300M on 56 industrial properties in seven metros: Houston, Dallas, San Antonio, Chicago, Philadelphia/Delaware, Minneapolis and Phoenix. It has bought nine U.S. industrial portfolios in the last three years.

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