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| 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.
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| 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.
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| 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.”
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| 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.
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| 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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