PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $35.5 million sale of and secured $26.6 million in financing for Autumn Park, a 358-unit multi-housing property situated in Newark, Delaware.
HFF marketed the asset on behalf of the seller, Metropolitan Management Group. Concordia Properties purchased the offering free and clear of debt. Additionally, HFF worked on behalf of the new owner to secure a floating-rate Fannie Mae acquisition loan.
Autumn Park is situated between Interstate 95 and Route 40 just off the heavily traveled Route 896 (South College Avenue) providing direct access to the University of Delaware approximately 3.7 miles to the north. Located on a 16.87-acre site, the property consists of 26 three- and four-story buildings featuring studio, one-, two- and three-bedroom units averaging 1,030 square feet each. Autumn Park is 97 percent leased and offers amenities, including an outdoor swimming pool, 24-hour fitness center and playground.
The HFF investment sales team representing the seller was led by senior managing director Mark Thomson and directors Carl Fiebig and Fran Coyne.
HFF’s debt placement team was led by managing director Ryan Ade and director Neil Campbell.
“Autumn Park presents the highly sought-after ‘sizeable value-add opportunity in a high growth, secondary market’,” Thomson said. “Our team takes great pride in procuring new buyers to a market and this deal is a perfect example of that.”
“The market continues to respond well to value-add product throughout the region,” Fiebig added. “We have been consistently securing in excess of 20 tours and more than 10 offers in the space. Other Mid-Atlantic markets are experiencing cap rate compression and uncertainty in legislation related to the apartment industry, which has created an increased demand for Delaware assets.”
About Metropolitan Management Group
Metropolitan Management Group is a diversified real estate management and development firm established in 1985. Based in Wyomissing, Pennsylvania, Metropolitan manages a portfolio of 17 apartment communities as well as commercial space located throughout eastern Pennsylvania and Delaware. Through subsidiaries Metropolitan Development Group and Metropolitan Building Group, the company provides development and construction services with a primary focus on apartment, retail and industrial/flex development projects.
About Concordia Properties
Concordia Properties was founded in 2001 and focuses on the acquisition of underperforming assets in well-located markets. Since inception, Concordia Properties has bought and sold multi-family, office and retail properties, primarily in Philadelphia and New Jersey. Through a hands on management approach, Concordia’s team places a great effort on managing the investments in a most professional, efficient manner, ensuring that the properties are always well maintained, keeping a high satisfaction amongst tenants.
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.