Investcorp unloads class A apartment space

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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...