Investcorp Further Expands Real Estate Portfolio
Investcorp, a leading provider and manager of alternative investment products has announced that its U.S.-based real estate arm, through two separate transactions, has acquired five residential properties in the metropolitan areas of Boca Raton, Florida and Minneapolis, Minnesota for approximately $220 million.
The acquisitions are consistent with Investcorp’s strategy to invest in desirable, high quality properties located in high demand markets providing attractive cash yields.
The Boca Raton properties are comprised of three student housing properties in Boca Raton, FL. With 892 beds and a 98 percent occupancy rate, these properties are the only off-campus, purpose-built, student housing facilities in the nearby area.
The residential properties located in the suburbs of Minneapolis, MN are comprised of two multifamily apartment properties with 854 units and an average occupancy rate of 95 percent. Minneapolis has the lowest unemployment rate in the U.S. at 2.9%, and has outperformed the national unemployment rate. Source: PRNewswire