The US arm of private equity real estate investor Henley Investments has sold three multi-family assets for a total of round $100m(£79m).
The three schemes in Phoenix, Mesa and Peoria, Arizona, comprise a total of around 1,000 units and have been sold to three different buyers.
Henley initially acquired the two large apartment communities in 2017 with Modern Residential, an Arizona-focused multi-family operator.
Since then, The Henley Modern Residential partnership has carried out a repositioning of the assets through a program of exterior and interior renovations, achieving business plan exit values in 18-24 months – two years sooner than planned.
Ian Rickwood, chief executive officer of Henley said:
“This sale represents our first full cycle deal, in the US and the returns have well-exceeded expectations as the team has focused on delivering well purchased assets with great asset management. The subsequent off-market sale to multiple parties is testament to the market penetration Henley was able to achieve. The sale demonstrates continued momentum across the Henley North America platform to identify disposal opportunities, the proceeds from which will be invested back into our robust pipeline of future acquisitions.”
24th May 2019 | Original Article by Property Week
