Investcorp has just completed a major apartment purchase. A fund managed by the company has acquired a five-property apartment portfolio totaling 2,228 units for a total of $420 million. The properties are located in Arizona, Texas and Georgia.

This portfolio is part of an aggressive acquisition strategy the firm has rolled out in the last 12 months as it has hurried to take advantage of new market opportunities created during the COVID-19 pandemic. In the last 10 months, the company has closed more than $1 billion in multifamily acquisitions and $1.3 billion in residential sales, including multifamily and student housing. The activity has grown the firm's assets under management to more than $7 billion globally and more than $3 billion in US residential assets.

In January, the firm acquired another five-property multifamily for $330 million. The 1,854-unit portfolio includes class-B, garden-style assets in Atlanta, GA, Baltimore, MD and Jacksonville, FL, and it was 96% occupied at the time of the sale.