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| Jose Cruz |
PHILADELPHIA, PA – HFF announced today that it has closed
the sale of and arranged acquisition financing for Yardley Crossing, a
196-unit multi-housing community situated along the Delaware River in Yardley,
Pennsylvania.
HFF marketed the property exclusively on behalf of the
seller, Fairfield Belmondo LLC.
Relative Properties, a new venture led by principles Devin Aronstam
and Paul Aschkenasy, purchased the asset. HFF also worked exclusively on behalf of the buyer to secure
Fannie Mae financing for the property.
Yardley Crossing is located at 1800 Kathy Drive in Yardley
along the Pennsylvania/New Jersey border, offering views of the Delaware
River.
Situated on 23.68 acres, the
transit-oriented property is approximately 35 minutes from Center City
Philadelphia and 55 minutes from New York City.
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| Mark Thomson |
The asset is
predominantly comprised of two- and three-bedroom townhome-style units
averaging more than 1,200 square feet, and also includes 12 one-bedroom flats
that are 775 square feet. Community
amenities include a swimming pool, basketball courts, playground, jogging and
bike trails, clubhouse and recreation room.
The HFF investment sales team representing the seller was
led by senior managing directors Zac Pierce, Mark Thomson and Jose Cruz.
HFF’s debt placement team was led by managing directors Ryan
Ade and James Conley.
According to Pierce, “Yardley Crossing generated a
significant amount of investor demand due to the property’s convenient location
proximate to several major cities, and its upside potential. All parties involved executed flawlessly and
epitomized professionalism throughout the course of the transaction.”
 |
| Zac Pierce |
“The HFF team has a track record of roughly $500 million in
transactions with Devin Aronstam, and we are excited to have been involved in
the first acquisition of the new Relative Properties venture,” Thomson
said. “We look forward to the
opportunity to work with their team again in the future as they expand their
market share in the region.”
Fairfield Residential (“Fairfield”) is among the most
experienced multi-housing real estate operating companies in the United
States.
Fairfield consistently ranks
among the leading multi-housing developers, builders, redevelopers, managers
and owners in the United States and is active in over 40 geographically diverse
markets.
Fairfield employs approximately 1,600 people in offices strategically
located throughout the country.
For a complete
copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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