Bahrain Firm Increases US Portfolio
Bahrain-based Investcorp Bank has purchased a residential U.S. portfolio through its U.S.-based real estate arm for approximately $270 million.
The portfolio includes about 3,000 units and a combined average occupancy rate of approximately 95 percent in the greater metropolitan areas of Chicago, Austin and Las Vegas, the company announced.
"These recent residential acquisitions are consistent with our strategy of targeting high quality assets with what we believe are attractive yields and the potential for near- and long-term upside through operating improvements and renovations," Christopher Hoeffel, managing director in Investcorp's real estate group, said in the announcement.
The deal follows Investcorp's announcement earlier this month
of its purchase of an office and retail property portfolio in the U.S. valued at $250 million.
The latest deal includes two housing communities near the University of Texas in Austin; the 624-unit complex Eagle Crest Apartments in Las Vegas; and a 1,514-unit portfolio in three towns outside of Chicago.
Since the fourth quarter of 2012, Investcorp has spent approximately $925 million on property. The firm currently has more than $4 billion of property and real estate debt funds under management.