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CHICAGO-Henderson Global Investors, based here, has closed onacquiring equity for its CASA Four multihousing fund, and haspurchased four properties for the fund. Henderson has raised $205million in equity. The fund is expected to have a total value of$585 million when totally committed, using a maximum of 65%leverage. Henderson expects between 15 to 20 assets in theportfolio when fully committed. The fund will seek a return ofbetween 12% and 14% from the assets, says Jay Martha, director ofproperty portfolio management at Henderson. With the acquisition offour properties and a fifth that is expected to close today, thefund is 30% committed, Martha tells GlobeSt.com.

The portfolio will consist mainly of "institutional quality"properties that have at least 200 units, are near majormetropolitan areas and "usually with good access to the interstatesystem," were constructed in the 1980's or more recently and have amix of one- and two-bedroom units with 5% to 15% three-bedroomunits, Martha says. The portfolio will also be geographicallydiverse with properties in the East, Midwest, South and West, hesays.