PHILADELPHIA, PA – HFF announced today that it has closed the sale of and arranged acquisition financing for Yardley Crossing, a 196-unit multi-housing community situated along the Delaware River in Yardley, Pennsylvania.
HFF marketed the property exclusively on behalf of the seller, Fairfield Belmondo LLC. Relative Properties, a new venture led by principles Devin Aronstam and Paul Aschkenasy, purchased the asset. HFF also worked exclusively on behalf of the buyer to secure Fannie Mae financing for the property.
Yardley Crossing is located at 1800 Kathy Drive in Yardley along the Pennsylvania/New Jersey border, offering views of the Delaware River. Situated on 23.68 acres, the transit-oriented property is approximately 35 minutes from Center City Philadelphia and 55 minutes from New York City. The asset is predominantly comprised of two- and three-bedroom townhome-style units averaging more than 1,200 square feet, and also includes 12 one-bedroom flats that are 775 square feet. Community amenities include a swimming pool, basketball courts, playground, jogging and bike trails, clubhouse and recreation room.
The HFF investment sales team representing the seller was led by senior managing directors Zac Pierce, Mark Thomson and Jose Cruz.
HFF’s debt placement team was led by managing directors Ryan Ade and James Conley.
According to Pierce, “Yardley Crossing generated a significant amount of investor demand due to the property’s convenient location proximate to several major cities, and its upside potential. All parties involved executed flawlessly and epitomized professionalism throughout the course of the transaction.”
“The HFF team has a track record of roughly $500 million in transactions with Devin Aronstam, and we are excited to have been involved in the first acquisition of the new Relative Properties venture,” Thomson said. “We look forward to the opportunity to work with their team again in the future as they expand their market share in the region.”
Fairfield Residential (“Fairfield”) is among the most experienced multi-housing real estate operating companies in the United States. Fairfield consistently ranks among the leading multi-housing developers, builders, redevelopers, managers and owners in the United States and is active in over 40 geographically diverse markets. Fairfield employs approximately 1,600 people in offices strategically located throughout the country. www.fairfieldresidential.com.
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.