X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Chicago-based Henderson Global Investors has acquired a multifamily property here. The residential buildings, located at West 107th Street on the Upper West Side, mark Henderson’s first investment in the city and were acquired on behalf of Henderson’s CASA IV Fund. Sources close to the deal tell GlobeSt.com that they cannot disclose the acquisition price at this time.

Henderson recently closed the equity raising phase of the CASA IV Fund–with five Institutional Investors–and is currently in the investment phase. This particular buy marks Henderson’s first acquisition with its newest joint venture partner, the Dermot Co., the latest real estate operator/developer to join Henderson’s Manager of Partners Program.

The West 107th Street acquisition is a six-story property consisting of three contiguous buildings with 177 units or 135,800 sf. Built in 1909, the property is a value-add investment opportunity and includes a development component and a significant unit rehabilitation program, according to a company statement. A Henderson source tells GlobeSt.com that the addresses of the acquisitions are 210, 220 and 230 W. 107th St.

“We’re very pleased to include our first New York City investment in the CASA IV Fund,” says Susan Motowidlak, portfolio manager for the CASA IV Fund, in a prepared statement. “The CASA Fund Series has a proven track record investing in the multi-family housing sector and the addition of this property helps broaden the geographic focus and property diversification that we can bring to our investors.”

The fourth in Henderson’s series of value-add US multifamily funds, CASA IV has raised $205 million in equity from institutional investors, including four US public funds and one corporate pension plan. Including the New York City property, the CASA IV Fund has acquired seven property assets to date, and anticipates investing the remaining capital this year.

Existing properties in the CASA IV Fund are: the Burlington, Minneapolis; the Mansion, Kansas City; Glenlake Club, Chicago; Vista Pointe, Los Angeles; Columbia Commons, Baltimore; Royale Sherman, Los Angeles, and W. 107th Street, Manhattan. Cushman & Wakefield Sonnenblick Goldman has arranged equity financing, in the form of a joint venture, on behalf of the Dermot Co.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.