Tuesday, October 25, 2016

HFF closes $31.1 million sale of garden-style apartment community in Claymont, DE

The Edge at Greentree Apartments,  Claymont, DE

Mark Thomson
PHILADELPHIA, PA, Oct. 25, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $31.1 million sale of The Edge at Greentree, a 286-unit, garden-style apartment community in Claymont, Delaware, near the Delaware/Pennsylvania state line.

HFF marketed the property on behalf of The Galman Group.  A joint venture between two private, Northeast-based groups purchased the asset free and clear of existing debt.

The Edge at Greentree has 26 residential buildings encompassing one-, two- and three-bedroom units averaging 844 square feet.  Community amenities include a state-of-the-art fitness center and tech lounge. 

Centrally located off of Namaans Road, Interstates 95 and 495 and Pennsylvania Route 202, the property is accessible to all major retail and employment corridors in northern Delaware and Philadelphia. 

The 96-percent-leased property is less than 10 miles northeast of downtown Wilmington, Delaware, and approximately 23 miles southwest of Center City, Philadelphia.

Carl Fiebig
The HFF investment sales team representing the seller was led by senior managing director Mark Thomson and associate director Carl Fiebig.

“The asset was previously marketed by another broker, which meant that we could leave no stone unturned,” Thomson commented.  “We continue to educate out-of-town equity on the merits of investing in Delaware.”

Fiebig added, “This sale supports the notion of regional buyers being attracted to value-add product with strong fundamentals throughout the Philadelphia MSA.  We consistently raise the bar on the standard price per unit in many of our markets, including Delaware.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | hfflp.com

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