HFF announces sale of 301-unit multi-housing property in suburban Wilmington, Delaware
PHILADELPHIA, PA – September 14, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Brandywine Hundred Apartments, a 301-unit multi-housing property in the historic Brandywine Hundred neighborhood of northern Wilmington, Delaware.
The HFF team marketed the property on behalf of the seller, a joint venture between CenterSquare Investment Management and Korman Residential Properties. A regional private buyer purchased the offering free and clear of debt.
Brandywine Hundred Apartments is situated on 10.66 acres at 400 and 402 Foulk Road, less than one mile from major employers, including JPMorgan Chase & Co., AstraZeneca and Nemours/Alfred I. duPont Hospital for Children. Additionally, the property is less than half of a mile from shopping and dining along Route 202, and a short distance from numerous state parks, golf courses and recreational activities. Brandywine Hundred features units averaging 946 square feet with community amenities such as a swimming pool with sundeck, tennis courts, state-of-the-art fitness center with flat screen TVs, resident lounge with Wi-Fi, business center and covered parking. A unit renovation program was recently implemented with renovations to 49 of the 301 units completed to date. The upgrades have generated an average monthly premium of $155 per unit.
The HFF investment sales team representing the seller included senior managing directors Mark Thomson and Jose Cruz and directors Carl Fiebig and Francis Coyne along with Robert M. Stella of Financial & Consulting Services, Inc., a licensed Delaware real estate broker.
“Brandywine Hundred offered investors the opportunity to continue a proven value-add story in one of the best locations in the State of Delaware,” Thomson said. “Between AstraZeneca, JPMorgan and A.I DuPont, there are over 7,000 employees within a one-mile radius, many of which live at the property.”
Fiebig added, “We continue to have tremendous success in Delaware. During the past 12 months, our team has successfully marketed four properties totaling 1,176 units in the market. We’ve been fortunate to establish the price-per-unit high watermark with 1303 Delaware Avenue recently and now Brandywine Hundred.”
About CenterSquare Investment Management
CenterSquare Investment Management (CenterSquare) is a global investment manager focused on actively managed real estate and infrastructure strategies. As specialists in real assets, CenterSquare executes investment strategies to enhance the performance and resiliency of its clients’ investment portfolios. CenterSquare’s management team holds an average of 28+ years of experience, with expertise across real assets and the liquidity spectrum.
CenterSquare operates as a subsidiary of The Bank of New York Mellon and is headquartered in Plymouth Meeting, Pennsylvania, with affiliate offices in Los Angeles, London and Singapore. As of December 31, 2016, CenterSquare manages over $8 billion in assets on behalf of some of the world's leading institutional and private investors.
About Korman Residential Properties
Korman Residential owns and manages multi-family property portfolios in Pennsylvania, New Jersey, Delaware and Florida, and currently provides third-party property management services to select clients. Korman Residential’s objective is to provide superior living accommodations, amenities and services to its residents while maximizing investor returns for the properties it manages. To find out more, visit livekorman.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.