Henley Corbelis addresses Gettysburg opportunity with purchase of 800 acres for a 2,000-home community

BOSTON, June 28, 2018 /PRNewswire/ -- Henley USA, under its residential land development partnership Henley Corbelis, has broadened its portfolio with the off-market purchase of a 779-acre site in Gettysburg, Pennsylvania, which has vested approval for the development of a 55+ age-appropriate community, with a development value of $400M.

The development, which will be branded as "Amblebrook," will consist of 2,000 age-restricted housing units, including both single-family attached and detached options, along with resort-style recreational facilities that will be designed and programmed to foster a healthy lifestyle.

The first phase in Amblebrook is fully entitled and shovel-ready with ground-breaking scheduled for next month. Approvals are in place for the overall subdivision site plan, with flexible entitlements allowing for changes in lot sizes, which will enable the project to adapt to changes in market conditions and consumer preferences.

The deal marks Henley Corbelis' first venture into age-appropriate retirement living, a sector which housing economists expect to account for between 20 percent and 30 percent of all US housing demand by 2020. Driven by an aging population and greater investment, 55+ communities are an established asset class in the USA and Australia, and one of the fastest-growing sectors in the UK property market.

Commenting on the acquisition, Ian Rickwood, Chief Executive Officer of Henley Investments, said:

"This purchase demonstrates Henley's growing appetite and presence in both the conventional and alternative residential spheres on both sides of the Atlantic. Henley USA invested over $130M in the multi-family sector in 2017, whilst in the UK, Henley Camland recently purchased the Eastern Quarry site at Ebbsfleet Garden City for £66.8 million (circa $90 million), with plans in place for 2,900 homes.

"Our opportunistic approach has identified both the high-demand for 55+ living, as well as the challenges of replicating a scheme of this scale – the flexible entitlements that are in place will enable the scheme to be adapted to meet evolving market conditions and consumer preferences, and in doing so ensure the future success and longevity of this community."

Garrett Solomon, President of Henley USA, commented:

"Corbelis has an established track record of developing innovative, award-winning living environments for residents. Through our partnership with Henley, Amblebrook will be no different.  With a highly beneficial tax structure, residents will be able to both increase their income and lower their cost of living to reside in a state-of-the-art home, designed for active lifestyles. Ideally situated, Amblebrook should draw prospective residents wishing to stay in close proximity to their children and grandchildren primarily from the Philadelphia, Pittsburgh, southern New Jersey, Baltimore and Washington, DC areas."

Mike Batka, COO of Henley USA, added:

"Amblebrook represents a unique opportunity to acquire a shovel-ready site in one of the nation's most visited and admired historical destinations.  The Gettysburg market, like most in the Mid-Atlantic region, is supply-constrained with significant barriers to entry, a dynamic that will position the community to capture an outsized portion of the demand derived from the 1.5 million age-qualified and income-qualified households currently living within a 100-mile radius of the site."

Preserving its pastoral landscape and farming heritage, the Amblebrook community will be designed to create a small-town aesthetic, while a portion of the property will be reserved for a working farm that will provide locally grown produce to residents, as well as enable them to participate in gardening activities on-site. In addition to the farm, a sampling of the amenities include indoor and outdoor pools, a clubhouse, state-of-the-art health and wellness center, a farm-to-table restaurant and an extensive network of walking trails.

Following a successful year for Henley USA, which saw a total US investment of over $130M in 2017, across a number of multi-family developments, this deal builds on the business' established position in the master-planned community/residential development sphere. Through the first half of 2018, Henley USA has already doubled in size, investing an additional $250M in multifamily, hospitality and now residential development asset classes.

This deal was sourced through Henley Corbelis' network, with legal services provided by The Watson Firm, out of Dallas, TX.

SOURCE Henley USA