Investcorp unloads class A apartment space

Investcorp recently sold two multifamily communities comprised of Waterford Creek Apartments in Charlotte, N.C., and Milstead Village Apartments in Kennesaw, Ga.

Both of these Class A apartment properties were part of Investcorp's U.S. Residential Properties II Portfolio.

The total value of the transactions was not disclosed.

Waterford Creek is a 264-unit, garden-style apartment community located in the Matthews/Independence corridor approximately six miles southeast of Charlotte's central business district. Built in 1997 and acquired by Investcorp in January 1999, the property consists of 12, three-story residential buildings with a lodge-style clubhouse. The Atlanta office of Holliday Fenoglio Fowler L.P. represented Investcorp in the sale of Waterford Creek.

Milstead Village is a 310-unit, garden-style apartment community that was originally acquired by Investcorp in July 1999. The complex, which was built in 1997, includes 16 apartment buildings and a clubhouse located on a 21-acre wooded site in the Cobb County Town Center submarket of suburban Atlanta. The Atlanta office of CB Richard Ellis Inc. represented Investcorp in the sale of Milstead Village.

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

***

What's your opinion? Send your Letter to the Editor to opinion@inman.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.