Henley Investments has expanded its US multi-family footprint with the acquisition of a $20m garden apartment community in Raleigh, North Carolina.

Henley said it bought the Arbor Crest residential asset in a partnership with Magma Equities, a real estate firm specialising in multi-family rental communities.

The latest deal expands Henley US multi-family footprint to over $210m in assets.

Ian Rickwood, CEO of Henley, said: “This acquisition complements Henley’s expanding portfolio of modernised multi-family apartment properties in the US, as well as across the student and build-to-rent sectors in the UK.

“Its sought-after location ensures the property will benefit from the area’s growing economy and striving student population, meeting the demand for well-located and high-quality housing – demands that we are servicing both sides of the Atlantic.”

Garrett Solomon, CIO of Henley North America, said: “Raleigh is a sophisticated city, and people here want a property that is up-and-coming and comfortable, but still affordable.

“Arbor Crest provides exactly that, and through Henley’s planned refurbishment works, which include works to common areas and updated landscaping, the scheme is sure to be a mainstay on the local Raleigh landscape.”