CHICAGO, IL - 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.
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.
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.
Source: Henderson Global Investors