PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announces the $42.5 million sale of Stone Rise, a 216-unit, Class A multi-housing community in the Philadelphia suburb of Glenmoore, Pennsylvania.
The HFF team marketed the asset on behalf of the seller, an indirect wholly owned subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS). FPA Multifamily, LLC purchased the offering free and clear of existing financing.
Stone Rise is located 900 Selwyn Place in affluent Chester County. Constructed in 2008, the eight-building property is set on 21 low-density acres near luxury retail, award-winning restaurants, sought-after schools and several heavily traveled thoroughfares, including the Pennsylvania Turnpike, Route 202, Route 30 and Route 422. The unit mix comprises a diverse blend of one- and two-bedroom apartment homes with open floor plans averaging 1,078 square feet. All units have breakfast bars, garden tubs, nine-foot ceilings, washers and dryers, and private patios or balconies. Community amenities include a resort-style pool, 24-hour fitness center, large dog park and business center.
The HFF team representing the seller included senior managing directors Mark Thomson and Ed Coco, senior director Carl Fiebig and director Fran Coyne.
About Preferred Apartment Communities, Inc. Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of its business strategy, the company may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. As a secondary strategy, Preferred Apartment Communities may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of our assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, membership or partnership interests in other income-producing property types as determined by our manager as appropriate for us. At June 30, 2018, the company was the approximate 97.4 percent owner of Preferred Apartment Communities Operating Partnership, L.P., the company's operating partnership. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011. Learn more at pacapts.com.
About FPA Multifamily, LLC: FPA Multifamily, LLC is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and workforce housing apartment communities. Founded in 1985, FPA has owned over 104,000 apartment units valued at over $11 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VI, which will acquire approximately $1.8 billion of assets, and its core plus focused FPA Core Plus Fund IV, which will acquire approximately $1.4 billion of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Minneapolis, Dallas and Atlanta. For more information, please visit fpamf.com.
About HFF: HFF and its affiliates operate out of 26 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.