HFF closes $16 million sale of two multi-housing properties in Philadelphia
January 25, 2012HFF closes $16 million sale of two multi-housing properties in Philadelphia
FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Red Lion Apartments and Cheswick Apartments, two multi-housing properties totaling 231 units in Philadelphia, Pennsylvania.
HFF marketed the offering on behalf of the seller, AIG Global Investment Group. The Galman Group purchased the assets for $16.147 million.
The properties are part of the second pool of assets HFF has marketed and sold for AIG Global Investment Group. In July 2011, HFF closed the $241.5 million sale of a 2,185-unit multi-housing portfolio in central New Jersey.
These assets are 94 percent leased overall. Individual property details are below:
Property # of Units
Red Lion Apartments, Philadelphia, PA 120 Units
Cheswick Apartments, Philadelphia, PA 111 Units
The HFF team representing AIG Global Investment Group included senior managing directors Jose Cruz and Andrew Scandalios, directors Jeffrey Julien and Kevin O’Hearn and associate director Mike Oliver.
“These are very good core plus properties in stable markets,” said Cruz. “The Galman Group will do very well with these properties over the long term.”
AIG Investments comprises a group of international companies, which provide investment advice and market asset management products and services to clients around the world. AIG Investments is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity and real estate.
The Galman Group owns and manages more than 6,000 apartment communities and condominiums in the Delaware Valley region.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 20 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, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com.