FLORHAM PARK, NJ - HFF announced today that it has closed the sale of Edgewater Apartments, a 290-unit, Class A multi-housing complex in Center City, Philadelphia.
HFF marketed the property on behalf of the seller. According to HFF, this is the largest multifamily transaction to close in Philadelphia in more than 10 years.
Edgewater Apartments is located at 2323 Race Street along the Schuylkill River in Center City Philadelphia`s northwest quadrant, known as Logan Square. This location is within walking distance to Market Street, the city`s primary commercial artery, Rittenhouse Square, 30th Street Station and The Barnes Museum, as well as a recently opened Whole Foods. Completed in 2005, the property consists of a 12-story tower with 270 units plus 20 townhomes attached to a five-story, 491-space parking garage. Units are offered in studio, one-, two- and three-bedroom layouts. Community amenities at the property include a club room with flat screen tv, fireplace and kitchen, 24-hour fitness center, conference room, business center, concierge service, and direct access to the riverfront walkways. Also included in the sale is a development site that has been approved for approximately 240 additional apartments.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, and managing directors Kevin O`Hearn and Jeffrey Julien and associate director Steve Simonelli. This was closed in conjunction with the recently opened HFF Philadelphia office, which is headed by Mark Thomson and Zac Pierce.
"Center City Philadelphia is one of the most highly sought after markets on the East Coast right now and this was an exceptional opportunity to acquire not only one of the few Class A multi-housing communities in the city but one with added value through renovations and the development of an additional building," said Cruz. "Several investors are underwriting the impact that Philadelphia`s highly educated work force is having on the increase in residential market rents and are taking notice of potential investments in the city."
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.
HFF Senior Managing Director
HFF Senior Managing Director
HFF Associate Director, Marketing
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Source: HFF, Inc. via GlobeNewswire