Michael Moriarty, principal in real estate investment at Investcorp, notes his company continues to see significant investment opportunities in US multifamily, describing it as a well-performing, highly liquid asset class benefitting from the strength of the US economy and labor market.

“Similar to many of our other recent multifamily investments, the assets in this portfolio are appealing because they are located in metro areas that are either key growth markets or population dense areas with new supply constraints,” says Moriarty.

The private equity real estate fund manager Equus, which is headquartered in Philadelphia, PA, acquired the properties between 2013 and 2015. It spent over $20 million in renovations, upgrades and enhancement of shared amenity spaces. An Equus affiliate Madison Apartment Group provided the on-site management and leasing and oversaw the capital improvement program. Madison will remain the on-site property manager of the portfolio for Investcorp.

“[T]he portfolio is positioned to deliver an attractive, stable and predictable cash flow for the new venture with Investcorp while at the same time the markets continue to support further enhancement opportunities and ability to push rents higher,” says Christopher Locatell, SVP and director of dispositions for Equus.

Locatell, along with Joseph Mullen, Kyle Turner, Steven Pogarsky, Nicoletta DeSimone and Peter Naccarato represented Equus in-house. HFF's Michael Joseph, Matthew Lawton and Stella Pappas also provided representation for Equus. HFF's debt team, Mike Tepedino, Mike Gigliotti and Mona Carlton secured financing for Investcorp.

Having acquired approximately 7,700 units, Investcorp ranks as a top-10 buyer of US multifamily units in the last year, according to Real Capital Analytics. Investcorp reports since 1996, it has acquired more than 600 total properties with a combined value of more than $16 billion.

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