$19.75 million sale of and $15.472 million financing for Regency apartments in Bensalem, Pennsylvania, arranged by HFF
PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for Regency Apartments, a 253-unit, garden-style multi-housing community in Bensalem, Pennsylvania.
HFF marketed the property on behalf of SAS Regency, L.P. Wessex First Avenue Associates, LLC purchased the offering for $19.75 million free and clear of existing debt. In addition, HFF worked on behalf of the new owner to secure a $15.472 million, seven-year, 75-percent LTV, fixed-rate loan through a regional bank.
Regency Apartments is located 2049 Brown Avenue less than one half of a mile from the intersection of Street Road (Route 132) and Hulmeville Road (Route 513) and is less than two miles from Interstate 95, providing access into Philadelphia and New Jersey. The property is flanked by Bensalem Plaza Shopping Center and Bensalem Township Country Club and is a short distance from Philadelphia Mills and Parx Casino and Race Course. The community has seven, three-story residential buildings housing a mix of studio, one- and two-bedroom units averaging 774 square feet each centered around a courtyard with swimming pool.
The HFF investment sales team was led by Mark Thomson and Carl Fiebig.
HFF’s debt placement team was led by James Conley.
“Regency Apartments provided the opportunity to purchase and renovate a sizeable multi-housing property in a dense, Buck’s County location. Our team was able to procure more than 40 property tours and 21 offers, providing flexibility for our client. The activity alludes to the demand for well-located, value-add product in the Philadelphia suburbs,” said Mark Thomson.
Carl Fiebig added, “The buyer pool was extremely diverse and we have had success importing capital from outside Philadelphia into the region. Investors continue to target Philadelphia based on strong fundamentals and the ‘flight-to-yield’ theory in comparison to the New York, New Jersey and Washington D.C markets.”
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.