Investcorp sells nearly $1B in multifamily assets

Firm offloaded eight properties across the U.S.

National /
Nov.November 10, 2020 12:35 PM
Investcorp CEO Hazem Ben-Gacem (Investcorp)

Investcorp CEO Hazem Ben-Gacem (Investcorp)

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.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Issuance of single-asset/single-borrower (SASB) loans is likely to increase in 2021. Major assets like One Manhattan West, Hudson Pacific’s Hollywood studio portfolio, and the MGM Grand & Mandalay Bay were financed with SASB deals this year. (Photos via SOM, Shimahara Illustration, and iStock)

Here’s what 2021 has in store for the CMBS market

Here’s what 2021 has in store for the CMBS market
Former J. Crew CEO Mickey Drexler and 760 N Walnut Ave, Ketchum (Getty; Realtor)

Former J. Crew CEO Mickey Drexler sells Idaho estate

Former J. Crew CEO Mickey Drexler sells Idaho estate
Singapore (iStock)

Singapore luxury market rebounds despite fewer foreign buyers

Singapore luxury market rebounds despite fewer foreign buyers
San Francisco (iStock)

In remote work world, some tech CEOs are leaving Bay Area

In remote work world, some tech CEOs are leaving Bay Area
The tax break allows foreign visitors to reclaim a sales tax of 20 percent on items bought in the country for more than £30 (Getty; Unsplash)

UK tax break expiration could hurt struggling retailers

UK tax break expiration could hurt struggling retailers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...