PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announces the $20 million sale of two adjacent apartment communities totaling 311 units in suburban Dover, Delaware.
The HFF team marketed the property on behalf of the seller, Dover Investors, LP, an affiliate of Anderson Vedic. A regional private buyer purchased the offering free and clear of debt.
The properties in the portfolio consist of Alder Park Apartments and Pine Grove Apartments. Approximately 95 percent occupied overall, the properties are situated directly off Route 13 (DuPont Highway) and provide convenient access to numerous employment, retail and entertainment amenities in the region via nearby Route 1. Alder Park is located at 51 Webbs Lane and comprises 215 units averaging 639 square feet. Pine Grove is located at 255 Webbs Lane and comprises 96 units averaging 945 square feet. The communities share amenities, including a swimming pool with clubhouse, fitness center, barbecue area, on-site laundry facilities and on-site public transit access.
The HFF investment advisory team representing the seller included senior director Carl Fiebig, senior managing director Mark Thomson and director Francis Coyne along with Robert M. Stella of Financial & Consulting Services, Inc., a licensed Delaware real estate broker.
“With original kitchen and bathroom finishes and rents trailing the market average, the portfolio provided the quintessential value-add opportunity,” Fiebig commented.
About Anderson Vedic: Anderson Vedic provides equity to joint venture partners to acquire existing real estate assets and to fund new development projects in the Mid-Atlantic region.
About HFF: HFF and its affiliates operate out of 25 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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.