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PRIME ASSETS IN DALLAS, FLORIDA

Investcorp acquires key US properties for $105m

Manama, May 12, 2014

Bahrain-based Investcorp, a leading provider and manager of alternative investment products, has announced that its US-based real estate arm, has acquired a portfolio of commercial and residential properties in Dallas, Texas and South Florida for $105 million.  

The Dallas-Fort Worth Metropolitan Area is the fourth largest market in the US with a population of over 6.4 million.

The Miami-Fort-Lauderdale-West Palm Beach Metropolitan Area, which includes Broward County, is the eighth largest market in the country with a population in excess of 5.7 million. Both metro areas have experienced solid increases in employment and are poised for economic growth.

"The investment market in the US continues to experience growth in transaction volumes with significant capital flowing into the country. Demand for residential rental properties continues to improve as home ownership rates decline," said Herb Myers, managing director in Investcorp's real estate group.

"We are also seeing gains in certain office markets," he stated.

The properties acquired have an average occupancy rate of approximately 95 per cent and consist of over 500,000 sq ft.

Uptown Office Portfolio (3400 Carlisle Street & 2811 McKinney Avenue), Dallas, Texas: These two properties are located within the attractive Uptown submarket of Dallas, which features the strongest amenity base of any submarket in the region, with a multitude of retailers and restaurants as well as approximately 10,000 apartment units.

The Uptown Office Portfolio enjoys close proximity to some of the most affluent residential neighborhoods in the state of Texas and is strategically located near a number of major transportation outlets.  

One Allen Center, Allen, Texas: This Class A office building was constructed in 2007 and is located in one of the fastest growing areas in the Dallas-Fort Worth Metropolitan Area.

The building comprises more than 150,000 sq. ft. and features a 254-space structured parking garage. In addition, the property is adjacent to a 1.5 million sq. ft. open air retail center, one of the largest school systems in the area and a variety of high quality housing developments.

San Remo, Coral Springs, Florida: Built in the mid-1990s, this garden style, for-rent townhome community includes 180 units and is located in densely populated Broward County. The property is situated in a strong school district, less than three miles away from major retail centers and in close proximity to significant employment centers in South Florida.

San Remo is comprised of 14 three-story apartment buildings with attached garages on an 11.9 acre site that includes a range of amenities, including a pool, clubhouse, fitness center and 24-hour electronic gated entrances.

"These acquisitions are consistent with Investcorp's approach of targeting high quality assets with attractive yields," said Brian Kelley, a Principal within the group.

"The properties are all located in regions with solid, growing economies and we believe they are well positioned to add value for Investcorp," he added.-TradeArabia News Service
 




Tags: Investcorp | Florida | Dallas | US property |

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