Henderson Global Investors has acquired a six-story multi-family property in Manhattan’s Upper West Side. The acquisition, made through Henderson’s CASA IV Fund, represents its first investment in New York City and its first deal with joint venture partner The Dermot Company. Financial terms were not disclosed.
The property comprises three buildings on West 107th Street, totaling 177 units and 135,800 square feet. The acquisition is a value-add investment for Henderson, with plans for unit upgrades as well as a development component.
CASA IV is the fourth in Henderson’s value-add US multi-family housing funds. It has raised $205 million (€131 million) in equity from institutional investors, including four US public funds and one corporate pension plan. The fund has acquired seven property assets to date and anticipates investing the remaining capital this year.
Existing properties in the CASA IV Fund include The Burlington in Minneapolis; The Mansion in Kansas City; Glenlake Club in Chicago; Vista Pointe in Los Angeles; Columbia Commons in Baltimore and Royale Sherman in Los Angeles.
As of the end of 2007, Henderson Global Investors had more than $22 billion in direct real estate assets and property securities under management globally.