Investcorp dumps office, apartment properties

Investcorp recently sold Washington Plaza in Piscataway, N.J., and Monthaven Park Apartments in Nashville, Tenn., for undisclosed prices.

Investcorp, in partnership with Crow Holdings and Lincoln Equities Group, sold Washington Plaza on Jan. 22, 2004. The acquirer of the property is TA Associates Realty of Boston. The property is a 198,780-square-foot office building located in Piscataway. The Metropolitan Area Financial Services Group of Cushman & Wakefield represented the Investcorp/Crow/Lincoln partnership exclusively in this transaction.

On Jan. 23, 2004, Investcorp sold Monthaven Park Apartments to Mid-America Apartment Communities Inc. of Memphis. The property is a 456-unit, garden-style apartment project, which Investcorp originally acquired in December 2002. Built in two phases in 1999 and 2001, Monthaven consists of 19 two- and three-story residential buildings, plus two office/clubhouse buildings. The property is situated on approximately 31.6 acres in the northern suburbs of Nashville. Occupancy at Monthaven Park at the time of sale was 96 percent. Apartment Realty Advisors of Atlanta represented Investcorp exclusively in this transaction.

Investcorp's New York-based team of real estate professionals focuses on high-quality existing commercial, hotel and residential properties.

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