Investcorp, which also has offices in London and Bahrain, has purchased The Fountains at Waterford Lakes in Orlando and Monthaven Park Apartments in Nashville. Both properties purchased on Dec. 27 from Archstone Communities Trust, which will continue to manage the assets.
The Fountains at Waterford Lakes is a 400-unit, garden-style apartment complex built in 1999 and 2000 Archstone. The Property consists of 17 three-story residential buildings plus an office/clubhouse situated on 22 acres in the eastern suburbs of Orlando. Occupancy at the property is currently 97%.
Monthaven Park Apartments is a 456-unit, garden-style apartment project, which was built in two phases in 1998 and 2001 by Archstone. The Property consists of 19 two- and three-story residential buildings, plus two office/clubhouse buildings, and is situated on 32 acres in the northern suburbs of Nashville. Occupancy is currently 92%.
The acquisition of these two properties brings Investcorp's total 2002 investments to approximately $750 million, a record for the firm. "Although Investcorp has recently focused on acquiring office and industrial properties, the excellent locations of these multi-family properties, combined with Archstone's proven property management skills, make these properties especially attractive," comments F. Jonathan Dracos, a member of Investcorp's management committee.
On the sale side, Investcorp disposed of East Town Plaza in Madison, WI, Milano Apartments in Houston, Catalina Shopping Center in Boynton Beach, FL and St. John's Plantation Apartments in Jacksonville, FL.
East Town Plaza was sold by Investcorp to Ramco-Gershenson Properties Trust on Dec. 23. The property, a 208,959-sf community shopping center, was acquired by Investcorp in joint venture with Ramco-Gershenson in April 2000. The property is 96% leased and anchor tenants include Borders Books, Burlington Coat Factory and Marshalls.
Milano Apartments was sold by Investcorp on Dec. 31 to an affiliate of the England Group. The property, which Investcorp had acquired in February 1999, is a 330-unit, class A apartment complex located in the Westchase submarket of Houston. At the time of sale, the property was 95% occupied. Investcorp was represented exclusively in this transaction by Hendricks & Partners of Houston.
Catalina Shopping Center was sold by Investcorp on Jan 2, 2003 to The Roberts Organization. The property is a 153,360-sf community shopping center that was acquired by Investcorp in July 1998. The property is 98% leased and anchor tenants include Best Buy and Marshalls. Investcorp was represented exclusively in this transaction by CB Richard Ellis of Miami.
On Jan. 3, Investcorp also sold St. John's Plantation Apartments to The Lincoln Property Group. The property is a 400-unit, Class B apartment community that was acquired in conjunction with Shelter Properties of Baltimore in May 2001. At the time of sale, the property was 97% occupied. Investcorp was represented exclusively in this transaction by CBRE's Jacksonville, FL office.
"The sale of these four assets brings the firm's total real estate realizations to approximately $315 million over the past year, a record for the firm," says John Fraser, a member of Investcorp's Management Committee. "These sales have enhanced the value of our portfolio and now offer the potential for strong returns for our investors in 2003."
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