Henderson Global Investors has acquired The Pointe at Chapel Hill Apartment Homes for US $25,425,000 (approx. €19.3 million) on behalf of its value-added multi-family fund, CASA Partners IV. The Pointe at Chapel Hill is a 240-unit Class A apartment complex located in Chapel Hill, North Carolina.
This is the fund's 12th acquisition, and the second to occur in July of this year. CASA IV purchased The Pointe on July 28, six days after it purchased the 424-unit tax-exempt bond-financed Southview Gables apartments in St. Paul, Minnesota for US $40.5 million. Henderson recently announced the launch of the next fund in the series, CASA Partners V, which will target a US $400 million total equity raise, representing up to a US $1.1 billion portfolio. CASA V is projected to be the largest fund in Henderson's multi-family CASA Fund Series to date. CASA V will target an initial equity raise of at least US $100 million by the end of this year.
Sue Motowidlak, Co-Portfolio Manager for CASA IV and V said: "Henderson is very pleased to have acquired The Pointe at Chapel Hill Apartments. The investment is clearly aligned with the strategy for Henderson's CASA Fund Series. The Pointe is a quality asset located in one of Henderson's stronger target markets. It is exciting to be able to finish out the last few investments in the Fund with an asset of this quality. We also now have the ability to launch CASA V and continue this successful program on behalf of our investors."
Jay Martha, Head of Henderson's North America property business, and Co-Portfolio Manager along with Sue for CASA IV and V, added: "Henderson's apartment-only CASA Fund Series has successfully invested, operated and liquidated through all points in the investment cycle. The launching of CASA V, at this point in the cycle, will allow us to take full advantage of market and operator distress while remaining true to our investment expertise. Our track record of investing in core and value-added apartments will be particularly valuable as the economy begins to improve."
CASA IV, which has raised US $205 million in equity from US institutional investors, including four public pension funds and one corporate pension plan, now includes the following properties:
- The Burlington Minneapolis
- The Mansion Kansas City
- Glenlake Club Chicago
- Vista Pointe Los Angeles
- Columbia Commons Baltimore
- The Marquee Los Angeles
- The Hamilton New York City
- Mira Vista Oakland
- Reading Commons Boston
- Harbor Town Ft. Lauderdale
- SouthView Gables St. Paul
- The Pointe Chapel Hill
The final acquisition for CASA IV is anticipated to close by the end of this quarter. CASA V will utilize a similar three-tiered investment strategy, allowing investors to continue to access exposure to diverse opportunities available in the multi-family real estate marketplace. CASA V will be managed by Henderson's established CASA team, who have an average 25 years' experience and have been working together for over 16 years since the inception of the first CASA Fund in 1993.