Boston – Henley Investments, a private equity real estate firm based in the U.K. and the U.S., has sold Arbors at North Hill, a 199-unit multi-family housing community in North Carolina, for $27 million. The asset was acquired in the fall of 2019 in partnership with Magma Equities.
The partnership implemented a program of refurbishments on the interior and exterior of the units, as well as the community areas, achieving a material increase in value in just 18 months, and delivering compelling returns for investors.
Commenting on the sale, Garrett Solomon, CIO of Henley North America in Boston, said, “Through the improvements made to Arbors at North Hill since our purchase in 2019, we have been able to reposition the asset to create a high-quality workforce housing community. The performance of the asset through the COVID pandemic has been exceptional.”