Henderson buys $48.5m Boston multifamily complex

The London-based property investment manager has bought a 204-unit former Archstone housing complex through its $205m value-added multifamily fund, CASA IV. It is the fund's third acquisition of 2008 and ninth in total.

Henderson Global Investors has bought a 204-unit multifamily housing complex on the outskirts of Boston for $48.5 million. The property was acquired through its $205m value-added multifamily fund, CASA IV.

The deal follows on from Henderson’s purchase in October of the 280-unit apartment block Montego Ridge in Antioch, California.

The Boston complex, which is 10-miles outside the city and called Reading Commons, was originally developed by Archstone Properties in 2006. It is 97 percent leased, according to a statement. James Martha, Henderson’s managing director of property in North America, added that the property was a tax-exempt bond financed property.

Corcoran Management Company will manage the property.

Reading Commons is the third property acquired by CASA IV in 2008. The fund has invested in nine properties in total. Henderson has acquired other multifamily properties in Minneapolis, Kansas City, Chicago, Los Angeles, Baltimore and New York.

Henderson plans to launch its follow-on fund, CASA V, early next year following a similar multifamily strategy.