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Henley USA makes it a treble

By James Buckley - Monday, October 09, 2017 8:32

Henley USA has made an off-market purchase of three residential properties in Manhattan, New York and Phoenix, Arizona. The acquisitions comprise over 1,000 multi-family units across the three locations.

The property in New York, located in the Yorkville neighbourhood in Manhattan’s upmarket Upper East Side, consists of 48 units spread over two six-storey apartment buildings and represents a total surface area of 31,152 sq ft.

Henley USA has also acquired a further 488 multi-family units in Phoenix, which will be aggregated from two separate schemes into a combined community called “Modern on the Rail”. The property is located on the southern edge of the I-17 & Deer Valley Corridor, which is Phoenix’s most dense area of employment with over 185,000 employed in a range of industries.

Garrett Solomon, President of Henley USA, said: “The properties in Manhattan and Phoenix presented an opportunity to acquire well-located multi-family units in desirable and high-demand areas. We are confident of delivering positive returns through the implementation of unit upgrades and active management across all three properties. We look forward to capitalising on further opportunities within the US real estate market, where Henley USA has a strong pipeline in place.”

Ian Rickwood, Chief Executive Officer of Henley Investments, commented: “The acquisition of these properties in Manhattan and Phoenix represents an attractive value add investment and builds on our strategy to identify residential properties in high-demand areas where we can build return through unit renovation. The local expertise of Henley USA allows for the off-market acquisition of assets meeting key criteria.

“Whilst the properties differ in style, they are all multi-family assets which, through Henley’s active asset management and planned unit upgrades, create the opportunity for significant upside and rental returns, before pursuing an exit strategy to capitalise on market appetite for repositioned well-located assets in this sector.”

Launched by private equity real estate group Henley in April 2016, Henley USA has offices in Boston and California and is headed by ex Rockpoint executive Garrett Solomon, who was also the founder of Corbelis.

All three deals were sourced through Henley USA’s network, with legal services provided by Choate out of Boston.

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