Bahrain-listed private equity and alternative asset manager Investcorp said on Tuesday it sold eight multifamily properties in the US to multiple buyers for more than $900 million. The garden and townhome-style apartment buildings were located in major metropolitan areas in Arizona, California, Florida and New York, Investcorp said. “The sales are a testament to our ability to consistently execute on our investment thesis to target strong cash flow-generating assets with opportunities for further capital appreciation through active, hands-on management,” Khulood Ebrahim, real estate product specialist at Investcorp, said. Investcorp acquired the assets in 2016 and 2017 and increased average monthly revenue per unit by about 20 per cent, through amenity upgrades and interior unit renovations. “We are pleased with the outcome of these investments and we remain focused on identifying additional properties that generate solid cash flows and offer further potential upside,” Tarek AlMahjoub, head of UAE and Oman for Investcorp’s private wealth division, said. Investcorp has been actively investing in the US and Europe, snapping up residential property as well as industrial warehouses with total investments of about $6 billion. It invested about $5bn in the US market and $1bn in Europe. The company, which counts Mubadala Investment Company as its biggest shareholder, is looking to spend about $4bn in buying residential property and warehouses in the US and Europe over the next two years, Jon Dracos, head of real estate investment at Investcorp told <em>The National</em> earlier this month. With a presence in 12 countries across the US, Europe, the GCC and Asia, Investcorp Group has $32.2bn of assets under management. Last month, the asset manager acquired 32 industrial properties in the US for more than $280m, growing its industrial real estate portfolio to about $2bn. Since its inception in 1996, Investcorp’s global real estate investments have totalled about $18bn in over 800 properties across the US, Europe and India.