Value-add Investment Offers Clients Additional Benefit of Submarket Recovery
CHICAGO--(Business Wire)--
Henderson Global Investors, an independent investment manager with $87.3 billion
under management, has acquired Harbor Town at Jacaranda, a 280-unit multifamily
housing complex located in Plantation, Florida, a suburb of Ft. Lauderdale.
Henderson purchased the property on October 21, 2009 for $27 million on behalf
of its value-add CASA Partners IV fund. The property is CASA IV`s first asset in
the Southeastern region of the US, an area especially hard hit by the recession.
The Plantation submarket was targeted by the Fund because Henderson manages two
other assets there and believes the submarket is at or near the bottom in terms
of declining operational performance. This acquisition also provides additional
strategic geographic diversification for the CASA IV portfolio and its
investors, and is an area of expertise and past success for Henderson.
The property was purchased as a value-add opportunity, with $11.8 million in
tax-exempt bond-financing. Plans for expansion and upgrading the asset include
improvements to the clubhouse and landscaping, and a new fitness center.
Henderson has hired ZOM Residential Services to implement the business plan and
manage the day-to-day operations of the property. ZOM currently manages
Henderson`s other Ft. Lauderdale apartment assets.
"Henderson is excited to have closed on this property," says Sue Motowidlak,
Co-Portfolio Manager for CASA IV. "This is a great time to be purchasing an
asset in this submarket, where Henderson has been an active player and had great
success for over 10 years. Harbor Town is an attractive addition to the CASA IV
portfolio, since it offers residents a unique choice of floor plan options,
including loft units, large patios and balconies, and upgraded amenities."
CASA IV`s purchase of Harbor Town marks the Fund`s tenth acquisition. CASA IV,
which has raised $205 million in equity from U.S. institutional investors,
including four public pension funds and one corporate pension plan, now includes
the following properties:
* The Burlington - Minneapolis
* The Mansion - Kansas City
* Glenlake Club - Chicago
* Vista Pointe - Los Angeles
* Columbia Commons - Baltimore
* The Marquee - Los Angeles
* The Hamilton - New York City
* Mira Vista - Oakland
* Reading Commons - Boston
* Harbor Town - Ft. Lauderdale
With the acquisition of Harbor Town, CASA IV is now more than 70% invested.
Henderson is currently in the planning stages for the launch of the next fund in
the series, CASA Partners V. The new fund will utilize a similar strategy, and
allow investors to continue to access exposure to diverse opportunities
available in the multifamily real estate marketplace.
About Henderson`s Property Team
Henderson Global Investors (www.henderson.com) has been managing property
investments for more than four decades and has $17.5 billion in direct real
estate assets and property securities under management globally (as of June 30,
2009). The property team comprises over 190 on-the-ground staff in 12 offices
throughout the world. The institutional property business manages commingled
funds, separate accounts and funds of funds, offering core, value-added and
opportunistic strategies. Henderson invests in property across the globe, in all
commercial sectors, as well as managing funds with sector specialist and/or
regional themes.
About Henderson Global Investors
Henderson Global Investors is a global investment management company, providing
a wide range of investment products and services to institutions and individuals
in Asia, Europe and North America. Henderson manages $87.3 billion in assets,
employs approximately 940 people, and has 17 offices worldwide (as of June 30,
2009).
This press release may include information that could constitute forward-looking
statements made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. Any such forward-looking statements may involve
risk and uncertainties that could cause actual results to differ materially from
any future results encompassed within the forward-looking statements. The
information provided in this report is for educational and illustrative purposes
only and should not be constructed as giving investment advice.
Middleberg Communications, LLC.
Scott Sunshine/Andrew Healy
212-354-5020
ssunshine@middlebergcommunications.com
ahealy@middlebergcommunications.com
or
Henderson Global Investors
Daniel McDonough, 860-723-8610
daniel_mcdonough@hendersonna.com
Copyright Business Wire 2009
