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| The Edge at Greentree Apartments, Claymont, DE |
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| 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.
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| 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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