Investcorp grows multi-family real estate holdings in Texas - AME Info

The transaction consists of 1,900 total units in the dense metropolitan areas of Austin, Dallas and Houston, and follows Investcorp's acquisition of four multi-family properties in Houston in a separate transaction earlier this year.

In this most recent transaction, Investcorp acquired three properties in the energy-centric city of Houston, one in Austin, home to a vibrant technology market, and one in Dallas. Collectively, the five properties currently have 91% occupancy.

Mohammed Al-Shroogi, Investcorp's President for Gulf business, said: "We view Texas as a very attractive marketplace when considering multi-family property investments. Relatively low levels of unemployment, local job creation, a healthy rental market, strong underlying asset characteristics and the overall state of the economy have created attractive conditions for real estate investment."

The transactions closed during October and November. Four of the properties are being managed by Mosaic Residential Management while one is managed by The Carroll Organization. The Carroll Organization has also taken a joint venture interest, alongside Investcorp, in one of the Houston properties.

Al-Shroogi went on to say, "We have teamed up with experienced partners who will assist us in executing our investment strategy as we continue to find opportunities where we can invest in stable assets in economically strong areas."

Source: http://www.ameinfo.com/investcorp-grows-multi-family-real-estate-holdings-323210

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