Investcorp Cites Property Purchases, Sales

Investcorp has acquired two multifamily communities for a total purchase price of approximately $60 million and sold four multifamily and retail properties for a total of $88.5 million.The New York-based investment firm acquired the multifamily properties -- a 400-unit property located in Orlando, Fla., and a 456-unit in Nashville, Tenn. -- from affiliates of Archstone Communities Trust. This brings Investcorp's total 2002 acquisitions to approximately $750 million, the company said. Investcorp said it has recently focused on office and industrial property, but that the excellent locations of these properties made them attractive to the company. The four properties sold are: a 208,959-square-foot Madison, Wis., community center; a 153,360-square-foot Boynton Beach, Fla., retail property; a 330-unit, class A Houston multifamily property; and a 400-unit, class B Jacksonville, Fla., apartment community. The sales brought Investcorp's total real estate realizations for 2002 to approximately $315 million, the company said.