Henley USA & Modern Residential expand their multi-family platform in the Phoenix metro region
Henley Modern Residential (HMR), a partnership between Henley USA and Modern Residential Company, recently closed on two additional existing apartment communities near Northern and 19th Avenues in Phoenix, bringing their total acquisitions in 2017 to nearly 1,000 units. HMR will create one cohesive millennial-targeted and transit-oriented community at this location, named Modern on the Rail. Situated adjacent to the Phoenix light rail system, this neighborhood is also minutes to more than 500,000 square feet of retail, including grocery providers Sprouts and Albertsons along with Starbucks, Walgreens, Boston Market, IHOP and Chase Bank.
Mitchell Bradford, a partner at HMR recently stated, “Location, location, location. As we continue to focus on the repositioning of class C to B assets in the Phoenix Metro, proximity to retail, jobs and rapid transit centers are key. These properties offer all three. We are excited about the future for Modern on the Rail.”
Modern on the Rail will offer studios, one- and two-bedroom apartments. The existing community amenities include five swimming pools, shared barbecue grills and large recreation areas, with six on-site laundry facilities. New, to-be-constructed amenities will consist of a state-of-the-art clubhouse and leasing center, on-site maintenance offices, exterior recreation spaces and a dog park. In addition, HMR plans to gate the community and provide covered parking for each resident. The community’s accessibility is superior to every other multi-family property in the area, with pedestrian walkways to the light rail stop and dozens of restaurants, along with vehicular access to I-17 and SR-51.
Sunrise Management will provide day-to-day on-site management services. With 30 years of experience and more than 10,000 units under management, HMR is excited to once again partner with Sunrise Management to deliver to residents the best possible living experience.
Given the sustained growth that is projected in the long term for the Phoenix Metro, HMR will continue to grow its platform in this market and the western United States.
Established in 2006, Henley is a leading UK private equity real estate investor focusing on development, investment and asset management in the commercial, residential, healthcare debt and alternative real estate market. Since inception, Henley has approximately doubled in size every year and is expected to do the same again in 2017. The company currently has around $1.5 billion assets under management.