PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of and secured financing for Riverwalk at Millennium, a 375-unit, transit-oriented multi-housing community in the Philadelphia-area suburb of Conshohocken, Pennsylvania.
HFF marketed the property exclusively on behalf of the seller, a joint venture between Long Wharf Capital and Scully Company. Relative Properties purchased the asset. In addition, HFF worked on behalf of the new owner to place the fixed-rate acquisition loan through Freddie Mac. The loan will be serviced by HFF, a Freddie Mac Multifamily Approved Lender for Conventional Loans. In 2015, HFF brokered the sale of the property to Long Wharf and Scully Company and arranged both the joint venture partnership between the two and acquisition financing.
Riverwalk at Millennium is situated on 7.89 acres at 309 Washington Street in Conshohocken, a suburb northwest of Philadelphia that borders the Schuylkill River. The SEPTA Regional Rail line is a short walk away, and Center City Philadelphia is approximately 20 minutes from the transit-oriented property. The Schuylkill River Trail, which is used for running and biking along the river between Valley Forge and Center City, is directly behind the property. The four-story buildings sit above single-story parking garages and house a diverse blend of one- and two-bedroom units with contemporary floor plans averaging 923 square feet. Units also feature ceilings that are at least nine feet high, plank flooring, full-sized washer/dryers and six-foot windows. Community amenities include controlled access, a modern clubhouse with fireplace, a resort-style pool with sundeck and grill area and a contemporary fitness center with an on-demand fitness studio.
The HFF investment advisory team representing the seller was led by senior managing director Mark Thomson, senior director Carl Fiebig and director Francis Coyne along with senior managing director Jose Cruz.
HFF’s debt placement team representing the new owner was led by managing director Ryan Ade and senior director Jamie Leachman.
About Long Wharf Capital: Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations and family offices. Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets. For further information, visit: longwharf.com
About Scully Company: With more than sixty years in the industry, Scully Company specializes in multifamily real estate in both ownership and management capacities, currently managing thousands of units consisting of large-scale garden, mid-rise and high-rise apartment communities for institutions, private investors and their own portfolio in Florida, Pennsylvania, New Jersey and Connecticut. Operating in diverse locations with a keen focus on strategies specific to local markets, Scully Company has achieved recognition as a leader in the multifamily industry.
About Relative Properties: The focus of Relative Properties is to acquire and operate multifamily properties in the Northeast. The company is a fully vertically integrated multifamily platform. Devin Aronstam and Paul Aschkenasy, the two managing partners of the company, have a combined 43 years of experience in real estate and finance. Through its shared infrastructure with its commercial affiliate, Blank Aschkenasy Properties, Relative has extensive capabilities in all phases of real estate operations, including acquisitions, asset management, property management, development and construction services. The company is focused on creating superior returns for its investors while creating “best in breed” apartments for its residents. This is accomplished by acquiring well-located properties with value-add opportunities, which may include unit renovations, improvement to amenities and more hands-on management. Learn more at relativeprop.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.