The US arm of private equity real estate investor Henley Investments has sold three multi-family assets for a total of round $100m(£79m).
The three schemes in Phoenix, Mesa and Peoria, Arizona, comprise a total of around 1,000 units and have been sold to three different buyers.
Henley initially acquired the two large apartment communities in 2017 with Modern Residential, an Arizona-focused multi-family operator.
Since then, The Henley Modern Residential partnership has carried out a repositioning of the assets through a program of exterior and interior renovations, achieving business plan exit values in 18-24 months – two years sooner than planned.
Ian Rickwood, chief executive officer of Henley said: