Henley USA has further strengthened its portfolio with the 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 combined investment approximates to €85.47m ($100m).
The property in New York, located in the popular 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 approximately 31,152 ft².
Henley USA has also recognised the increasing demand for housing in the Phoenix Metro area, where the group has acquired two existing multifamily housing communities in growing suburban Phoenix sub-markets, totalling 481 units (comprising a mix of one and two-bedroom units). These assets are strategically located in close proximity to Mesa, Arizona’s highly active downtown business district, and Peoria, a major suburb of Phoenix.
The company 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.
Commenting on Henley’s acquisition, 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."
All three deals were sourced through Henley USA’s network, with legal services provided by Choate out of Boston.