PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $12.7 million sale and secured $9.525 million in financing for Lennox Apartments, a 156-unit, mid-rise apartment property in Philadelphia’s Mount Airy neighborhood.
HFF marketed the property on behalf of Premier Properties. A private, New York-based group purchased the asset free and clear of existing debt. Additionally, HFF worked on the buyer’s behalf to place a five-year, fixed-rate acquisition loan with a regional bank.
Lennox Apartments is located at 232-242 West Walnut Lane near the Southeastern Pennsylvania Transportation Authority (SEPTA) Tulpehocken station in the tree-lined neighborhood of Mount Airy. Less than eight miles from Center City, Philadelphia, the property is also convenient to Philadelphia University and major thoroughfares, including Interstate 76 and Lincoln Drive. The three-building, four-story property was originally built in 1928 and partially renovated through 2015. Lennox Apartments is 94 percent leased and features studio, one- and two-bedroom units.
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.
“Our team has been successful in this submarket on three different occasions during the past few years,” Fiebig said. “Buyers from New York and New Jersey continue to actively pursue well-located, value-add product in the Philadelphia area,” added Thomson. “Our team was pleased to procure a 1031 exchange buyer that provided a high level of certainty for our client.”
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.