Tuesday, January 8, 2013

$37.5 million sale of Tenby Chase Apartments in Delran, NJ closed by HFF



Tenby Chase Apartments,
Delran, NJ
FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Tenby Chase Apartments, a 327-unit garden-style community in Delran, New Jersey.

HFF marketed the property on behalf of the seller, Pantzer Properties.  SDK Apartments purchased the asset for $37.5 million.

Tenby Chase Apartments is located just off of Route 130 in Delran, approximately 13.5 miles east of Center City Philadelphia.  

The property is 98 percent leased and features one- and two-bedroom units, including townhomes, which average 1,387 square feet each.  Community amenities include an outdoor pool, playground and tennis court. 

Jose Cruz
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Michael Oliver.

Andrew Scandalios
“Tenby Chase has successfully raised market rents three times in the past 12 months. 

  Coupled with larger than average unit sizes, this property presented an attractive opportunity for investors,” commented Cruz. 

  “The seller took advantage of a great time to capitalize on a strong demand for multi-housing properties.”

Kevin O'Hearn
Pantzer Properties, Inc. was founded in 1971 as a vehicle for private investment in undervalued real estate. With more than $1.5 billion in assets under management, the firm is the sponsor of the Panco Strategic Real Estate Funds, a series of opportunistic real estate funds focused on the multifamily sector. 

Headquartered in New York City with offices in Rochelle Park, New Jersey and Herndon, Virginia, the firm is a fully integrated owner/operator of institutional quality properties on the east coast of the United States.

Jeffrey Julien
 Since its inception, Pantzer Properties has been involved in more than $4 billion of real estate transactions. www.pantzerproperties.com

SDK Apartments, established in the 1990’s, is a privately held real estate company headquartered in Northern NJ.  It owns, manages, acquires, rehabilitates and develops multi-family apartment complexes and medical buildings in Northeastern and mid-Atlantic United States.

SDK Apartment’s track record of securing superior risk-adjusted returns and preserving real estate values is widely recognized within the market. SDK’s mission is to provide superior financial returns for owners, investors, and partners.

While pursuing their mission, they remain committed to improving the quality of life for residents, enhancing the broader communities in which they operate, providing employees with opportunities for growth and accomplishment, and demonstrating personal integrity and dedication at all times.
  
Contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com


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