Please reload

Investcorp buys three multifamily complexes in NY, CA, Nevada, for $400M

Investcorp bought three multifamily housing properties in New York, California, and Nevada for a total purchase price of nearly $400 million.

 

All three properties are located in markets which benefit from robust fundamentals in the multifamily space, the firm says.

 

Mohammed Alardhi, Executive Chairman of Investcorp said: "As we look to the next phase of growth for Investcorp, we have great confidence that the U.S. is a place where our investments will continue to serve our global client base well, as we believe the U.S. economy is poised for significant growth. We have a long history of investments in the U.S., and our $1.2

 

billion investment in residential properties in the past 18 months demonstrates our belief that the U.S. real estate market provides high-quality investments that will generate steady returns in the years to come."

 

"During the past 18 months we have continued to invest actively in the residential space, having purchased a diverse portfolio of well-leased multifamily and student housing assets", said Herb Myers a Managing Director in Real Estate Investment at Investcorp.  "We believe that the outlook for the multifamily and student housing sectors remains strong and these investments generate attractive annual yields in a low-yielding global environment.

 

Atlantic Point is a 795 unit, Class A, 115 acre multifamily housing property located in Bellport, New York, which is located within theNassau County-Suffolk County Metro Division. Suffolk County is one of the tightest multifamily housing markets in the U.S. with a vacancy rate of 2.9%. Given the high cost of land and strict zoning regulations which makes it difficult to build, the area has seen minimal new development since the 1990s. This has led to a favorable supply / demand imbalance in the overall market. The region is home to Brookhaven National Lab, Stony Brook University, Brookhaven Memorial Hospital and Stony Brook University Hospital.

 

The Highlands is a 556 unit, Class B, garden-style multifamily housing unit in Grand Terrace, California, in the Riverside-San Bernardino MSA. In this area, the multifamily market leads the nation in rent growth, having logged 5.1% in rent growth in 2016.  Market-wide vacancy is projected to average 2.4% over the next five years.

 

Villas at Green Valley is a 609 unit, Class B, garden-style multifamily housing property located in Henderson, Nevada, in the Las Vegas MSA. The metro Las Vegas economy has rebounded strongly since the 2008/2009 downturn.

 

As a result of factors like no state income tax, a low cost of living, and a favorable climate, population growth has exceeded 50% since 2000.

 

Further, over the next five years, the metro area is projected to lead the nation in population, employment and real Gross Metropolitan Product (GMP) growth, all of which are expected to be solid drivers for multifamily demand.

 

Investcorp is a global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis. 

Share on Facebook
Share on Twitter
Please reload

Institutional investors slash CRE capital budget by 19%: Report

Ashford REIT invests in 'purification' tech to create allergy-free guestrooms

REIT to build $110M facility to house immigrants rounded up by Trump

Working in style: The corporate campus designed by Frank Lloyd Wright

Hard Rock unveils plans to revamp Trump's failed Atlantic City casino

Food tenants increasingly crucial for shopping centers: Report

Retailer Finer Fields aims to merge bricks and clicks

The Gents Place 'lifestyle club' muscling into new markets

1/2
Please reload

COMMERCIAL REAL ESTATE NEWS & CULTURE

  • White Facebook Icon
  • White Twitter Icon
  • White Instagram Icon
More from Squarefootprint
Further reading

ABOUT USCONTACT • ADVERTISE • ARCHIVE

© 2017 SQUAREFOOTPRINT

  • White Facebook Icon
  • White Twitter Icon
  • White Instagram Icon