Henderson Purchases Properties for $585M Fund

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CHICAGO-Henderson Global Investors, based here, has closed on acquiring equity for its CASA Four multihousing fund, and has purchased four properties for the fund. Henderson has raised $205 million in equity. The fund is expected to have a total value of $585 million when totally committed, using a maximum of 65% leverage. Henderson expects between 15 to 20 assets in the portfolio when fully committed. The fund will seek a return of between 12% and 14% from the assets, says Jay Martha, director of property portfolio management at Henderson. With the acquisition of four properties and a fifth that is expected to close today, the fund is 30% committed, Martha tells GlobeSt.com.

The portfolio will consist mainly of “institutional quality” properties that have at least 200 units, are near major metropolitan areas and “usually with good access to the interstate system,” were constructed in the 1980′s or more recently and have a mix of one- and two-bedroom units with 5% to 15% three-bedroom units, Martha says. The portfolio will also be geographically diverse with properties in the East, Midwest, South and West, he says.