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| Greenview Terrace Apartments, Lancaster, PA |
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| Mark Thomson |
PHILADELPHIA, PA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a
four-property, value-add multi-housing portfolio totaling 412 units in
Lancaster County, Pennsylvania.
HFF marketed the asset on
behalf of the seller, Equus Capital Partners, Ltd. High Real Estate Group purchased the offering
free and clear of debt.
The portfolio comprises
Greenview Terrace (112 units) and Barrcrest Manor (85 units) in Lancaster;
Village Green in Elizabethtown (128 units); and Lebanon Court in Lebanon (87
units).
The portfolio is centrally
located in a prime distribution corridor and offers residents access to all
major destinations in Pennsylvania via highways, including Interstate 76
(Pennsylvania Turnpike) and U.S. Routes 322, 422 and 283.
The HFF investment sales
team representing the seller was led by senior managing director Mark Thomson and directors Carl Fiebig and Francis Coyne as well as senior managing director Jose Cruz and executive managing
director Matthew Lawton.
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| Carl Fiebig |
“While we have always seen
a high demand for ‘bread and butter’ value-add garden apartments, there has
been a flood of equity into the space this year,” Thomson said. “With a lack of velocity in the four counties
surrounding Philadelphia, many investors have expanded their interest into
Central Pennsylvania and Delaware.”
“This portfolio offered a
nice diversity of size, ranging from 85 to 128 units, and vintage, with assets
from the 1960's, 1970's and 1990's,” Thomson added. “We conducted 33 tours of this portfolio,
which resulted in offers from 15 different companies.”
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 | hfflp.com
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