Henley USA’s appetite for multi-family properties continues with the off-market purchase of an additional residential property in New York.
The new Henley City Living-branded asset is located in the Jackson Heights neighbourhood of Queens, New York, and consists of 56 residential units and six commercial suites spread over two five-storey, mirrored buildings comprising approximately 50,000 sq ft.
The buildings provide a significant amount of development upside, which will be used to derive additional value from the property. Alongside reconfiguring the majority of apartments to enhance layouts and add bedrooms to existing oversized units, Henley City Living will be undertaking a renovation of the building’s common areas, including the creation of a rooftop balcony for the benefit of the tenants.
The company also plans to incorporate numerous technological amenities into the buildings, including new building and unit entry systems, creating a residential experience similar to that of full-service apartments. Finally, Henley City Living intends to replace the ageing heating infrastructure with a new, more efficient natural gas boiler/hot water heater.
This acquisition follows the group’s recent off-market purchases of circa 1,000 units in New York and Arizona.
Commenting on Henley’s acquisition, Ian Rickwood, Chief Executive Officer of Henley Investments, says:
“This additional purchase by Henley USA in Jackson Heights, New York, demonstrates our ongoing strong momentum and appetite in this market. Through both unit renovation and active asset management, multi-family assets in prime locations provide the opportunity for significant upside and rental returns. The local expertise of Henley USA leaves us well-placed to identify assets which meet our key criteria; we have a strong pipeline in place and look forward to announcing further acquisitions in the new year.”
Garrett Solomon, President of Henley USA, says:
“As demand for rental units in Manhattan continues to climb, Henley USA has recognised the Jackson Heights area as both an affordable and popular area for renters within the New York City Metro area. This acquisition provides us with an exceptional opportunity to purchase a high quality asset in a prime location with excellent access to Manhattan. At each Henley City Living property, we plan to make everyday life for our residents more convenient. Through planned renovations, active management as well as the installation and use of the latest in-home technology, we are confident that this asset will deliver exceptional returns.”
Launched by private equity real estate group Henley in April 2016, Henley USA has offices in Boston and California and is headed by ex-Rockpoint executive Garrett Solomon, who was also the founder of Corbelis, an award winning residential master-plan and management company. The business investment strategy of Henley USA focuses on replicating the same opportunistic entrepreneurial platform as its European counterpart by investing in the best local operators across the US real estate market.
This deal was sourced through Henley USA’s network, with legal services provided by Choate out of Boston.
1st December 2017 | Property Funds World
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