Henderson recently closed the equity raising phase of the CASA IV Fund--with five Institutional Investors--and is currently in the investment phase. This particular buy marks Henderson's first acquisition with its newest joint venture partner, the Dermot Co., the latest real estate operator/developer to join Henderson's Manager of Partners Program.
The West 107th Street acquisition is a six-story property consisting of three contiguous buildings with 177 units or 135,800 sf. Built in 1909, the property is a value-add investment opportunity and includes a development component and a significant unit rehabilitation program, according to a company statement. A Henderson source tells GlobeSt.com that the addresses of the acquisitions are 210, 220 and 230 W. 107th St.
"We're very pleased to include our first New York City investment in the CASA IV Fund," says Susan Motowidlak, portfolio manager for the CASA IV Fund, in a prepared statement. "The CASA Fund Series has a proven track record investing in the multi-family housing sector and the addition of this property helps broaden the geographic focus and property diversification that we can bring to our investors."
The fourth in Henderson's series of value-add US multifamily funds, CASA IV has raised $205 million in equity from institutional investors, including four US public funds and one corporate pension plan. Including the New York City property, the CASA IV Fund has acquired seven property assets to date, and anticipates investing the remaining capital this year.
Existing properties in the CASA IV Fund are: the Burlington, Minneapolis; the Mansion, Kansas City; Glenlake Club, Chicago; Vista Pointe, Los Angeles; Columbia Commons, Baltimore; Royale Sherman, Los Angeles, and W. 107th Street, Manhattan. Cushman & Wakefield Sonnenblick Goldman has arranged equity financing, in the form of a joint venture, on behalf of the Dermot Co.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
