BOSTON, Oct. 1, 2019 /PRNewswire/ — Henley Investments, a leading private equity real estate firm based in the UK and the USA in partnership with multifamily investment firm Magma Equities have acquired a 199-unit garden apartment community in Raleigh, NC, kicking off their residential portfolio acquisitions in the Southeast US housing market.

Arbor Crest features a mix of one- two- and three-bedroom floorplans up to 1,000 square feet spread over 27 residential buildings on a 24-acre site. Located just six miles north of downtown Raleigh, the community is close to daily need shopping, restaurants, entertainment, sports venues. It is within an easy drive of the campuses of NC State University, UNC Chapel Hill, Duke University, as well as Triangle Town Center and Raleigh-Durham International Airport. In addition to its garden apartments, Arbor Crest offers townhomes with up to three bedrooms and 1,320 square feet of living space. Arbor Crest is an amenity-rich community with swimming pool, bbq grill, picnic areas and a children’s playground.

“This is a sought-after North Hills address, and we are happy to bring it into the fold of Henley’s modernized multi-family apartment properties,” said Henley CEO Ian Rickwood.

Garrett Solomon, Henley’s CIO for their North American market, agrees: “Raleigh is a sophisticated city, and people here want a property that is up-and-coming and comfortable, but still affordable. Arbor Crest provides exactly that, and Henley is proud to be part of the local Raleigh landscape.”

Henley and Magma’s planned refurbishments at Arbor Crest include new design for all common areas, updated landscaping, pool upgrades and individual apartment restyling. New amenities will include a clubhouse and fitness center, outdoor kitchen, dog park and a hammock area.

This is Henley’s first strategic partnership with Magma Equities, which, as operating partner will oversee the renovation. A Los Angeles-based, vertically integrated real estate investment firm, Magma Equities specializes in the acquisition and repositioning of value-add Class B apartment communities throughout the United States. Arbor Crest is the second multifamily investment for Magma Equities in the Raleigh/Durham MSA this year.

“Magma sourced this acquisition off-market, directly from the original owner who has managed the asset for the past 40 years,” added Magma Equities Managing Principal Ryan Hall. “The property is in excellent condition, but with some modern upgrades and professional management Arbor Crest could be top of its class and draft off the impressive development that is occurring in North Hills.”

About Henley

Established in 2006, Henley is a leading private equity real estate investor focusing on development, investment and asset management in the commercial, residential, healthcare, land infrastructure, debt and other alternative real estate assets. Since inception, Henley has approximately doubled in size every year. The company currently has approximately $2 billion in assets under management.

With offices in Boston, Massachusetts; Newport Beach, California; and Naples, Florida, Henley’s North American operations are led by Garrett Solomon, who previously founded the award-winning, nationally recognized residential land development and management company, Corbelis. Prior to forming Corbelis in 2012, Solomon spent almost two decades with a series of well-known real estate private equity firms.

About Magma Equities

Manhattan Beach, CA-based Magma Equities (http://www.magmaequities.com) is a diversified real estate organization focused on re-positioning Class B apartment communities throughout the country. We strive to maximize returns for investors while providing our residents with homes that are environmentally friendly, efficient, and state-of-the-art. Investment decisions are based on our successful experience in the past, and more importantly, our vision for the future.

View original content to download multimedia:http://www.prnewswire.com/news-releases/henley-investments-in-partnership-with-magma-equities-expands-into-southeast-us-multifamily-with-acquisition-of-raleigh-nc-community-300928919.html

SOURCE Henley Investments