Henley USA, the American division of Henley Investments, a leading UK private equity real estate investor headquartered in the United Kingdom, has acquired two large apartment communities totalling 481 units in suburban Phoenix, Arizona.
The properties were acquired by Henley Modern Residential, a new partnership between Henley USAand Modern Residential, an Arizona-based multi-family real estate team headed by Mitchell Bradford. Sunrise Management, a local professional property management company, will manage both communities.
Commenting on Henley's new partnership and initial acquisitions, Garrett Solomon, President of Henley USA, said:
"We are thrilled about this partnership with Modern Residential to pursue a multi-family value-add strategy in Phoenix. These newly acquired properties present an opportunity for the venture to significantly and dynamically improve multi-family units in desirable and high-demand areas. We look forward to capitalizing on similar opportunities in other locations and asset classes across the US real estate market."
These new acquisitions, in Mesa and Peoria, Arizona, are just the latest chapter in Henley USA's plan to invest with best-in-class operators across the real estate market. Henley USA is focused on replicating the same opportunistic, entrepreneurial platform as its European counterpart, with a particular focus on assets or transactions that exhibit some form of arbitrage, dislocation and/or distress as drivers of the value proposition.
Ian Rickwood, Chief Executive Officer of Henley Investments, commented:
"This is an excellent partnership for Henley USA, and the acquisition is a strong investment, which meets ongoing market demand for such properties and represents attractive returns. This off-market transaction is testament to the team's local expertise, with the assets meeting key criteria. We are well placed to benefit from further opportunities in the sector, identified by the Henley USA platform. We have a robust pipeline of future acquisitions in place and look forward completing further deals in the near future."
Established in 2006, Henley is a leading UK private equity real estate investor focusing on development, investment and asset management in the commercial, residential, healthcare debt and alternative real estate market. Since inception, Henley has approximately doubled in size every year and is expected to do the same again in 2017. The company currently has around $1.5 billion assets under management (as of mid-year 2017).
Henley is an entrepreneurial company that continues to back entrepreneurs. Its platform has multiple divisions, all headed by an experienced entrepreneurial partner. These include Henley Space, a prime London residential development; HCRE, an opportunistic commercial investment; Henley Healthcare Investments; Henley 360, a European light industrial vehicle; Henley Camland, a land infrastructure business; Henley Ark, in the student accommodation space and Henley USA, which looks at new ventures across all asset classes.
With offices in Boston, Massachusetts; Newport Beach, California and Naples, Florida, Henley USA is headed by Garrett Solomon, who previously founded the award-winning, nationally recognized residential land development and management company, Corbelis. Prior to forming Corbelis in 2012, Solomon spent almost two decades with a series of well-known real estate private equity firms.