PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a four-property, value-add multi-housing portfolio totaling 412 units in Lancaster County, Pennsylvania.
HFF marketed the asset on behalf of the seller, Equus Capital Partners, Ltd. High Real Estate Group purchased the offering free and clear of debt.
The portfolio comprises Greenview Terrace (112 units) and Barrcrest Manor (85 units) in Lancaster; Village Green in Elizabethtown (128 units); and Lebanon Court in Lebanon (87 units). The portfolio is centrally located in a prime distribution corridor and offers residents access to all major destinations in Pennsylvania via highways, including Interstate 76 (Pennsylvania Turnpike) and U.S. Routes 322, 422 and 283.
The HFF investment sales team representing the seller was led by senior managing director Mark Thomson and directors Carl Fiebig and Francis Coyne as well as senior managing director Jose Cruz and executive managing director Matthew Lawton.
“While we have always seen a high demand for ‘bread and butter’ value-add garden apartments, there has been a flood of equity into the space this year,” Thomson said. “With a lack of velocity in the four counties surrounding Philadelphia, many investors have expanded their interest into Central Pennsylvania and Delaware.”
“This portfolio offered a nice diversity of size, ranging from 85 to 128 units, and vintage, with assets from the 1960's, 1970's and 1990's,” Thomson added. “We conducted 33 tours of this portfolio, which resulted in offers from 15 different companies.”
About Equus Capital Partners, Ltd.
Equus Capital Partners, Ltd. (“Equus”) is one of the nation’s leading private equity real estate fund managers. Equus’ diversified portfolio consists of office, multi-family, industrial, and retail properties located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Chicago, Los Angeles, Washington D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.
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.