Henley Investments, a leading private equity real estate firm based in the UK and the USA, has sold a 199-unit multi-family housing community in North Carolina, Arbors at North Hill for $27 million. The asset was acquired in the fall of 2019 in partnership with Magma Equities.
In this time, the partnership has implemented a program of refurbishments on the interior and exterior of the units, as well as the community areas, achieving a material increase in value in just 18 months, and delivering compelling returns for investors.
Commenting on the sale, Garrett Solomon, CIO of Henley North America, said:
”Through the improvements made to Arbors at North Hill since our purchase in 2019, we have been able to reposition the asset to create a high-quality workforce housing community. The performance of the asset through the COVID pandemic has been exceptional. The performance of investment further solidifies our track record in this asset class. We look forward to continuing to build our portfolio with new investment opportunities over the balance of 2021 and beyond.
Ian Rickwood, Chief Executive Officer of Henley, added:
”This sale is yet another successful investment for the US team in the multi-family workforce housing strategy that we have pursued in several US markets. Our track record in both the US and UK remains exceptional even with the hit of the COVID-driven recession and its highly dispersed range of economic outcomes. With more sales currently underway of well executed plans we will be looking to redeploy funds with an active buy side program in 2021. Our focus will remain workforce housing and the car wash space.
25th March 2021
Read the original full article at MarketWatch.
