Henley’s USA division has completed the off-market acquisition of a 779-acre site in Gettysburg, Pennsylvania, which has vested approval for the development of new homes focused on those aged 55 and over with a development value of $400m.
The development, which will be branded as “Amblebrook”, will consist of 2,000 age-restricted housing units, including both single-family attached and detached homes, along with resort-style recreational facilities. Alongside the housing, a portion of the property will be reserved for a working farm that will provide locally grown produce to residents as well as indoor and outdoor pools, a clubhouse, state-of-the-art health and wellness center and a farm-to-table restaurant.
The deal marks Henley Corbelis’ first venture into ‘age-appropriate retirement living’, a sector which is predicted to account for up to 30% of all US housing demand by 2020.
Ian Rickwood, chief executive officer of Henley Investments, said:
“This purchase demonstrates Henley’s growing appetite and presence in both the conventional and alternative residential spheres on both sides of the Atlantic. Henley USA invested over $130m in the multi-family sector in 2017, whilst in the UK, Henley Camland recently purchased the Eastern Quarry site at Ebbsfleet Garden City for £66.8 million (circa $90 million), with plans in place for 2,900 homes.
Our opportunistic approach has identified both the high-demand for +55 living, as well as the challenges of replicating a scheme of this scale – the flexible entitlements that are in place will enable the scheme to be adapted to meet evolving market conditions and consumer preferences, and in doing so ensure the future success and longevity of this community.”
Henley USA invested more than $130m in 2017, across a number of multi-family developments. Through the first half of 2018, Henley USA has already doubled in size, investing an additional $250m in multi-family, hospitality and residential development asset classes.
This deal was sourced through Henley Corbelis’ network, with legal services provided by The Watson Firm, out of Dallas, Texas.
27h June 2018 | Article by Richard Hook | Property Week
Read the article at: Property Week
Image credit : Property Week
