The private equity firm Investcorp has sold eight multifamily properties across the U.S. for $900 million.
Investcorp said it sold the properties to multiple buyers, though it did not disclose specifically who those were. The buildings are located in four states — Arizona, California, Florida and New York — and were acquired by the company in 2016 and 2017, according to a release from the company. They’re described as “garden and townhome-style apartment buildings,” which have undergone renovations in the past few years.
Investcorp said since acquiring the properties it increased average monthly revenue per unit by about 20 percent.
“The sales are a testament to our ability to consistently execute on our investment thesis to target strong cash-flow generating assets with opportunities for further capital appreciation through active, hands-on management,” said Khulood Ebrahim, the firm’s real estate product specialist.
Investcorp had $32.2 billion in assets under management as of September, according to its annual report. The company also owns malls, industrial spaces, student housing and offices throughout the country.
The company has run into trouble with some of those investments: Earlier this year, the firm was the target of a lawsuit by Wells Fargo after it defaulted on a $65.1 million CMBS loan for a South Florida mall. The loan is now being marketed by JLL.