Investcorp unloads class A apartment space

Properties total 574 units

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-ac...