PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $31.1 million sale of The Edge at Greentree, a 286-unit, garden-style apartment community in Claymont, Delaware, near the Delaware/Pennsylvania state line.
HFF marketed the property on behalf of The Galman Group. A joint venture between two private, Northeast-based groups purchased the asset free and clear of existing debt.
The Edge at Greentree has 26 residential buildings encompassing one-, two- and three-bedroom units averaging 844 square feet. Community amenities include a state-of-the-art fitness center and tech lounge. Centrally located off of Namaans Road, Interstates 95 and 495 and Pennsylvania Route 202, the property is accessible to all major retail and employment corridors in northern Delaware and Philadelphia. The 96-percent-leased property is less than 10 miles northeast of downtown Wilmington, Delaware, and approximately 23 miles southwest of Center City, Philadelphia.
The HFF investment sales team representing the seller was led by senior managing director Mark Thomson and associate director Carl Fiebig.
“The asset was previously marketed by another broker, which meant that we could leave no stone unturned,” Thomson commented. “We continue to educate out-of-town equity on the merits of investing in Delaware.”
Fiebig added, “This sale supports the notion of regional buyers being attracted to value-add product with strong fundamentals throughout the Philadelphia MSA. We consistently raise the bar on the standard price per unit in many of our markets, including Delaware.”
About The Galman Group: The Galman Group’s mission is to create “Great Places To Live.” With that goal in mind, the firm has become a leader in the Delaware Valley’s apartment industry. The firm creates quality rental apartment homes with numerous amenities, convenient locations and tranquil environments.
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.