PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured financing for Riverstone East and West Apartments and Hunter’s Run Apartments, two multi-housing properties totaling 83 units in Norristown, Pennsylvania.
HFF marketed the assets on behalf of two separate sellers to RRG Norristown Apartments LLC, an affiliate of Jenkintown-based RRG Management LLC. Riverstone East and West Apartments was marketed on behalf of a local private investor, and Hunter’s Run Apartments was marketed on behalf of Concordia Properties. In addition, HFF’s debt placement team worked on behalf of the new owner to secure a seven-year, fixed-rate loan through a regional bank for the acquisition of both properties.
Hunter’s Run Apartments (Hunter’s Run) is located at 1151 West Sterigere in Montgomery County less than five miles from the Plymouth Meeting Mall and King of Prussia Mall. The property provides access to all major employment centers in Pennsylvania via major roadways, including Interstates 476, 276 and 76 and Route 202 and the Norristown Elm Street Southeastern Pennsylvania Transit Authority (SEPTA) train station. The property has 39 one- and two-bedroom units, which are 97 percent occupied.
Riverstone East and West Apartments encompasses two adjacent buildings totaling 44 one- and two-bedroom units averaging 864 square feet each, and is one block south of Hunter’s Run. Riverstone East is located at 1015 West Beech Street and Riverstone West is located at 920 Buttonwood Street.
The HFF investment sales team representing the seller was led by associate director Carl Fiebig and senior managing director Mark Thomson.
HFF’s debt placement team was led by managing director James Conley and associate director Neil Campbell.
“The demand for value-add apartments in suburban Philadelphia remains robust,” said Fiebig. “Our team was able to procure an eclectic mix of local and regional buyers to the opportunity.”
“We are excited to bring professional, on-site leasing and maintenance staff to these properties, and to continue providing well-maintained, safe and affordable communities for our residents,” added representatives of RRG Management LLC.
About HFF
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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 hfflp.com or follow HFF on Twitter @HFF.