Bahrain’s Investcorp sells eight US properties for over $900m

Bahrain’s Investcorp sells eight US properties for over $900m

Bahraini investment firm Investcorp announced that it has recently sold eight multifamily properties across the US for more than $900m.

The properties were garden and townhome-style apartment buildings located in major metropolitan areas in Arizona, California, Florida and New York.

Investcorp acquired the assets in 2016 and 2017 and completed initiatives for value enhancements, increasing the average monthly revenue per unit by approximately 20 per cent, implementing select property and amenity upgrades and interior unit renovations.

Tarek AlMahjoub, head of UAE and Oman for Investcorp's Private Wealth, said: "Investcorp has a strong, proven track-record of investing in the US real estate market in general and in multifamily assets in particular.

"Our team's deep market expertise allowed us to see the potential value of these assets and deliver solid execution on our operating plan.