 |
| The Commonwealth Apartments, 1201 Chestnut Street Midtown Village, Center City, Philadelphia, PA |
PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announces it
has closed the sale and secured financing for The Commonwealth, a
98-unit, high-rise apartment building in Philadelphia, Pennsylvania.
 |
| Mark Thomson |
HFF marketed the properties exclusively on behalf of the seller, global
real estate investment manager Invesco Real Estate, and procured the buyer, a
joint venture partnership between The Carlyle Group and Alterra Property
Group.
In addition, HFF
worked on behalf of the new owner to arrange acquisition financing.
The Commonwealth was originally constructed in 1906 and underwent a
full restoration in 2012 that was completed by Alterra Property Group.
Situated at 1201
Chestnut Street, the property’s Midtown Village location has earned it a Walk Score® of 99 and offers residents direct
access to all of Center City, Philadelphia’s employment, lifestyle and
transportation amenities.
The 15-story
building consists of 98 residential units averaging 711 square feet and 8,247
square feet of ground-floor retail. Units feature stainless steel
appliances, granite countertops, European maple cabinetry, wood plank flooring
and full-size washers and dryers.
 |
| Carl Fiebig |
The residential component is 99 percent
occupied and the retail component is fully leased to 7-Eleven and Mitchell
& Ness Nostalgia Co., which is the American sports clothing company’s only
brick and mortar location.
The HFF investment advisory team representing the seller was led by
senior managing director Mark Thomson, senior director Carl Fiebig
and director Francis Coyne.
HFF’s debt placement team representing the new owner was led by
managing director Ryan Ade.
“We have seen a significant uptick in interest for core-plus properties
in the Philadelphia region,” Thomson said. “This was a great opportunity
for investors to buy a core-plus building at an attractive basis with upside in
one of the best locations in Center City, Philadelphia.
 |
| Francis Coyne |
"With a lack of
velocity of core-plus deals of this size in the area, the property drew
significant interest from local, regional and national investors. We
conducted 31 tours of the property, which resulted in offers from 18 different
companies.”
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate
investment management business with $65.6 billion in real estate assets under
management, 496 employees and 21 regional offices across the U.S., Europe and
Asia (as of 12/31/18).
Invesco Real Estate has been actively investing in core,
value-add and opportunistic real estate strategies since 1992. Invesco
Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly
owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment
management firm dedicated to delivering an investment experience that helps
people get more out of life. NYSE: IVZ.
 |
| Ryan Ade |
About Alterra Property Group
Alterra Property Group, LLC (“Alterra”) is a diversified
real estate investment, development and management company based in Philadelphia,
Pennsylvania.
The company employs a highly qualified team of
professionals that handle all aspects of real estate development, investment
and management, including but not limited to: acquisition, entitlement,
project/construction management, asset management, property management,
accounting and underwriting.
The principals of Alterra have worked with
and can provide references from numerous institutional private equity firms,
such as The Blackstone Group, Federal Capital Partners, BlackRock, Normandy
Realty Partners, Carlyle Group and Patron Capital Partners.
Alterra has developed hundreds of upscale apartments in
Philadelphia and currently manages them under the management brand of APG
Living.
CONTACTS:
MARK THOMSON
PA Lic. #RS292417
HFF Senior Managing Director
(484) 532-4200
RYAN ADE
HFF Managing Director
(484) 532-4200
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403
No comments:
Post a Comment