In July 2015, Arcapita acquired phase one of Saadiyat Beach Residences, a premium residential apartment complex located on Saadiyat in Abu Dhabi. Developed by the Tourism Development & Investment Company (TDIC) in 2013 to high-quality standards, the residential complex is composed of 285 one to three-bedroom apartments and is designed to foster a close-knit community in addition to providing high-end facilities and amenities. Arcapita acquired three low-rise buildings within the residential gated complex with a three-year master lease attached. Saadiyat is a natural 27 square kilometer multi-faceted island destination featuring a wide range of luxurious hotels and resorts, a beach club, a world-class golf course and a variety of leisure, retail and educational offerings, including high-profile museums such as the Louvre Abu Dhabi, Guggenheim Abu Dhabi and Zayed National Museum, and the New York University Abu Dhabi campus. Saadiyat is around five minutes from downtown Abu Dhabi.