Henley USA Enters Inland Empire Market
- Jan 23, 2019
The joint venture between Henley USA and Tower 16 Capital Partners, Henley Tower 16, has acquired Hillside Village, an 80-unit community in California’s Inland Empire. According to Yardi Matrix data, the property last traded in 2016, when a private investor purchased it for $10.3 million.
Located at 2196 W. Kendall Drive in San Bernardino Valley, Hillside Village is immediately east of Los Angeles and Orange County, Calif. The community includes 11 two-story buildings encompassing one- and two-bedroom units with an average of 774 square feet. Amenities include:
- a fitness center
- swimming pool
- 200 parking spaces
- barbecue area
The new owner plans to perform extensive renovations beginning this month. Post-upgrades rents are forecasted to be 10 percent higher than pre-renovated unit rents.
“The population of San Bernardino continues to grow due to the area’s affordability and strong job prospects. There is a real opportunity here as the rental market is tight and there is limited to no new supply in the pipeline,” said Henley North America Managing Director & Chief Investment Officer Garrett Solomon, in prepared remarks.
The deal marks the partnerships’ first acquisition in the area and Henley USA’s first in the Inland Empire market. The off-market transaction brings Henley Tower 16’s portfolio to roughly $200 million in assets. Last year, the partnership purchased four multifamily properties in the Las Vegas metro area, including Evergreen Apartments for $29.5 million.
Image courtesy of Henley Tower 16