PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has been named to market for sale Brandywine Hundred Apartments, a 301-unit multi-housing property in the historic Brandywine Hundred neighborhood of northern Wilmington, Delaware.
HFF is marketing the property on behalf of the seller, a joint venture between CenterSquare Investment Management and Korman Residential.
Brandywine Hundred Apartments is situated on 10.66 acres at 400 and 402 Foulk Road, less than one mile from major employers, including JPMorgan Chase & Co., AstraZeneca and Nemours/Alfred I. duPont Hospital for Children. Additionally, the property is less than half of a mile from shopping and dining along Route 202, and a short distance from numerous state parks, golf courses and recreational activities. Brandywine Hundred features units averaging 946 square feet with community amenities such as a swimming pool with sundeck, tennis courts, state-of-the-art fitness center with flat screen TVs, resident lounge with Wi-Fi, business center and covered parking. Ownership recently initiated a unit renovation program with renovations to 49 of the 301 units completed to date. The upgrades have generated an average monthly premium of $155 per unit.
The HFF investment sales team representing the seller is led by senior managing directors Mark Thomson and Jose Cruz and associate director Carl Fiebig.
About CenterSquare Investment Management: CenterSquare Investment Management (CenterSquare) is a global investment manager focused on actively managed real estate and infrastructure strategies. As specialists in real assets, CenterSquare executes investment strategies to enhance the performance and resiliency of its clients’ investment portfolios. CenterSquare’s management team holds an average of 28+ years of experience, with expertise across real assets and the liquidity spectrum. CenterSquare operates as a subsidiary of The Bank of New York Mellon and is headquartered in Philadelphia with affiliate offices in Los Angeles, London and Singapore. As of December 31, 2016, CenterSquare manages over $8 billion in assets on behalf of some of the world's leading institutional and private investors.
About Korman Residential: Korman Residential owns and manages multi-family property portfolios in Pennsylvania, New Jersey, Delaware and Florida, and currently provides third-party property management services to select clients. To find out more, contact Director of Marketing Pete Rushing at 215-316-7804 and visit www.livekorman.com.
About HFF: Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.