Investcorp grows residential real estate portfolio worth $350m in Florida, Arizona

Investcorp, a leading provider and manager of alternative investment products, has announced that its US-based real estate arm has invested in six multifamily properties in Florida and Arizona, for a total purchase price of approximately $350 million.
Yasser Bajsair, managing director at Investcorp in Saudi Arabia, said: “We continue to see increasing demand for multifamily properties in the US, which explains our acquisition of these properties. We believe that the increasing demand for this type of properties, and the attractive demographics of their respective regions, will continue to sustain the strong rental growth rates they already benefit from.”
Highpoint Club and Montevista at Windermere are two apartment communities, which combined have 708 units. These properties are located within two different submarkets of the Orlando, Florida metropolitan area. The market is expected to see population, employment, and GMP growth rates among the top five in the US over the next five years.
According to the US Department of Labor, the Orlando metropolitan area was one of three metropolitan areas to experience the highest year-over-year percentage increase in employment in the country, at 3.2 percent as of August. The Orlando multifamily market has benefited from a low vacancy rate and solid rental rate growth over the past several years, and these trends are expected to continue.
Aqua Deerwood is a 616-unit, garden-style, apartment complex located within the dense, high-income Southside/Bay Meadows submarket of Jacksonville, Florida. This location has seen strong growth due to its proximity to employment hubs as well as entertainment and higher education. The apartment complex is across the street from Deerwood Office Park, which houses a large concentration of companies, including Florida Blue, Merrill Lynch, United Healthcare, and Fidelity Bank. Also boosting the area’s population growth are underlying fundamentals such as no state income tax, a low cost of living, and favorable climate. Jacksonville is the fourth largest metropolitan area in the state and the tenth for population growth in the entire country.
Arcadia Cove, Tuscany Palms and Midtown on Main are three, for-rent multifamily properties located in infill locations in the Phoenix metropolitan area. Combined, these properties have 1,486 units.