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| Regency Apartments, 2049 Brown Avenue, Bensalem, PA |
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| Mark Thomson |
PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF)
announced it has closed the sale of and arranged acquisition financing for Regency Apartments, a 253-unit,
garden-style multi-housing community in Bensalem, Pennsylvania.
HFF marketed the property
on behalf of SAS Regency, L.P. Wessex
First Avenue Associates, LLC purchased the offering for $19.75 million free and
clear of existing debt.
In addition, HFF
worked on behalf of the new owner to secure a $15.472 million, seven-year, 75
percent, fixed-rate loan through a regional bank.
Regency Apartments is
located 2049 Brown Avenue less than one half of a mile from the intersection of
Street Road (Route 132) and Hulmeville Road (Route 513) and is less than two
miles from Interstate 95, providing access into Philadelphia and New Jersey.
The property is flanked by
Bensalem Plaza Shopping Center and Bensalem Township Country Club and is a
short distance from Philadelphia Mills and Parx Casino and Race Course. The community has seven, three-story residential
buildings housing a mix of studio, one- and two-bedroom units averaging 774
square feet each centered around a courtyard with swimming pool.
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| Carl Fiebig |
The HFF investment sales
team was led by Mark Thomson and Carl Fiebig. HFF’s debt placement team was led by James Conley.
“Regency Apartments
provided the opportunity to purchase and renovate a sizeable multi-housing
property in a dense, Buck’s County location.
"Our team was able to procure more than 40 property tours and 21 offers,
providing flexibility for our client.
The activity alludes to the demand for well-located, value-add product
in the Philadelphia suburbs,” said Thomson.
Fiebig added, “The buyer
pool was extremely diverse and we have had success importing capital from
outside Philadelphia into the region.
"Investors continue to target Philadelphia based on strong fundamentals
and the ‘flight-to-yield’ theory in comparison to the New York, New Jersey and
Washington D.C markets.”
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 | www.hfflp.com
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