Henderson acquires multifamily in San Francisco

The London-based property investment manager has purchased an apartment block in the Bay Area for its $205m value-added multifamily fund, CASA IV.

Henderson Global Investors has bought a 280-unit multifamily apartment block in San Francisco as part of their value-add fund, CASA IV.

The London-based property investment manager said it would continue to invest in multifamily properties in the US over the next six months, as it seeks to deploy its $205 million fund. To date CASA IV has bought eight properties in Minneapolis, Kansas City, Chicago, Los Angeles, Baltimore, and New York.

Henderson said in a statement it planned to launch its follow-on fund, CASA V, early next year following a similar multifamily strategy.
The latest deal comprises the Montego Ridge Apartments in Antioch, California, a suburb of Oakland. The firm plans to upgrade the interior of the building.

The property was bought along with a 77,000-square-foot office property in San Francisco, in a joint venture with REIT Glenborough on behalf of Henderson’s core open-end commingled fund, Henderson Property Fund (HPF). Together the two properties were purchased for $104.8 million.

James Martha, Henderson’s director of US property portfolio management said the uncertainty of the capital markets was producing “prime real estate at very attractive prices.”