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| Pleasant Valley, 107 East Hector Street, Conshohocken, PA |
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| Carl Fiebig |
PHILADELPHIA, PA –
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $6.4 million
sale of Pleasant Valley, a 41-unit, affordable housing community in the
Philadelphia suburb of Conshohocken, Pennsylvania.
HFF marketed the property
on behalf of PV Associates, which was sold free and clear of existing debt.
Pleasant Valley is
situated on 1.12 acres at 107 East Hector Street in the live, work, play
community of Conshohocken, approximately 15 miles northwest of Center City,
Philadelphia.
The transit-oriented
property is across from a SEPTA rail station and is at the convergence of every
major highway in the western suburbs of Philadelphia, including Interstates 76
and 476.
The property has 41 one-, two-
and three-bedroom units averaging 899 square feet, 40 of which are
Project-Based Section 8 (HAP) units. The
property is 98 percent occupied.
The HFF investment sales
team representing the seller was led by associate director Carl Fiebig along with managing director Doug Childers, senior managing director Mark Thomson and associate director Fran Coyne.
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| Doug Childers |
“Pleasant Valley is
representative of the power of HFF’s national platform,” Fiebig said. “The Philadelphia office worked in
conjunction with the national affordable housing team to market the property to
local and regional private groups.”
“The property’s upcoming
HAP contract expiration coupled with its A+ location attracted a mix of both
affordable and market-rate housing buyers,” Fiebig continued. “Ultimately, the property sold to a West
Coast-based affordable housing group.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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