HFF closes $6.4 million sale of 41-unit apartment property in suburban Philadelphia
PHILADELPHIA, PA – March 9, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $6.4 million sale of Pleasant Valley, a 41-unit, affordable housing community in the Philadelphia suburb of Conshohocken, Pennsylvania.
HFF marketed the property on behalf of PV Associates, which was sold free and clear of existing debt.
Pleasant Valley is situated on 1.12 acres at 107 East Hector Street in the live, work, play community of Conshohocken, approximately 15 miles northwest of Center City, Philadelphia. The transit-oriented property is across from a SEPTA rail station and is at the convergence of every major highway in the western suburbs of Philadelphia, including Interstates 76 and 476. The property has 41 one-, two- and three-bedroom units averaging 899 square feet, 40 of which are Project-Based Section 8 (HAP) units. The property is 98 percent occupied.
The HFF investment sales team representing the seller was led by associate director Carl Fiebig along with managing director Doug Childers, senior managing director Mark Thomson and associate director Fran Coyne.
“Pleasant Valley is representative of the power of HFF’s national platform,” Fiebig said. “The Philadelphia office worked in conjunction with the national affordable housing team to market the property to local and regional private groups.”
“The property’s upcoming HAP contract expiration coupled with its A+ location attracted a mix of both affordable and market-rate housing buyers,” Fiebig continued. “Ultimately, the property sold to a West Coast-based affordable housing group.”
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is 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, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.