Henley Investments, based in the United Kingdom, has teamed up with investment firm Magma Equities, out of California, on the purchase of Arbor Crest, 199-unit garden apartment community in the North Hills section of Raleigh, N.C., which is about 6 miles north of downtown.
This is the second multifamily investment for Magma Equities in the Raleigh/Durham area this year and the first joint venture with Henley. Magma will act at the operating partner as the property undergoes renovation.
“Magma sourced this acquisition off-market, directly from the original owner who has managed the asset for the past 40 years,” said 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.”
The community features a mix of one-, two-, and three-bedroom floor plans up to 1,000 square feet spread over 27 residential buildings on a 24-acre site. In addition to its garden apartments, Arbor Crest also offers townhomes with up to three bedrooms and 1,320 square feet of living space. The amenities include a swimming pool, a barbecue 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 multifamily apartment properties,” said Henley CEO Ian Rickwood.
Planned renovations for the value-add proposition include sprucing up the common areas, updated landscaping, pool upgrades, and individual apartment restyling. New amenities will include a clubhouse and fitness center, an outdoor kitchen, a dog park, and a hammock area.
