30 Sep 2019
Investcorp, a leading global provider and manager of alternative investment products, today announced the sale of a portfolio of multifamily properties located in Raleigh, North Carolina to TruAmerica Multifamily for a combined total of approximately $109 million. Investcorp purchased the 830-unit portfolio in 2016 and completed a number of value-add upgrades to the properties, consistent with the Firm’s strategy to target attractive, strong cash-flow generating assets with opportunities for further capital appreciation.
“This transaction underscores our ability to successfully execute on our investment thesis as we added significant value to these strategically located properties over a three-year period, completing a number of renovations while also benefitting from the Raleigh market’s continued growth,” said Michael O’Brien, Managing Director in Real Estate Investment at Investcorp. “We look forward to continuing to build upon our track record in the multifamily space.”
According to Real Capital Analytics, Investcorp ranks as a top 10 international investor in U.S. real estate over the past five years and is one of the top 50 overall investors in U.S. real estate during the same period