Community Trades for $45M in Philly Metro
Aulder Capital obtained a seven-year securitized loan through Freddie Mac's CME Program for the property, which is situated 15 minutes from the University of Delaware.
By Tudor Scolca
Aulder Capital purchased Foxwood Apartments, a 414-unit community in Newark, Del. The property was acquired for $44.5 million, free and clear of debt. HFF marketed the property on behalf of the seller, Fairfield English Village LLC, an affiliate of Fairfield Residential. Managing Director James Conley was part of HFF’s debt placement team representing Aulder Capital in obtaining acquisition financing. The $34.3 million fixed-rate, seven-year securitized loan, with four years of interest at 75 percent LTV was placed through Freddie Mac’s CME Program.
Foxwood Apartments is located at 15 Fox Hall on a 27-acre site. The community’s 31 buildings were constructed in 1970s, and feature a mix of one-, two- and three-bedroom floor plans with an average size of 869 square feet. The property is currently 96 percent leased. Common amenities include a playground, fitness center, swimming pool with sundeck, barbecue and picnic areas. According to Yardi Matrix, average monthly rent is $1,001.
Employers and entertainment venues are not far from the property. The University of Delaware is only 15 minutes away, as is Christiana Hospital. Meadowood Shopping Center offers plentiful shopping and dining options and is situated only three miles from the property, on Capitol Trail. Adjacent to Foxwood are Forest Oak Elementary School, Meadowood KinderCare preschool and the Meadowood Program public school. Downtown Wilmington can be reached in 25 minutes via Interstate 95, while Philadelphia is an hour away, on the same route.
The HFF team representing Fairfield included Senior Managing Directors Mark Thomson and Jose Cruz, Directors Carl Fiebig and Francis Coyne, as well as Robert Stella of Financial & Consulting Services Inc., a Delaware-based broker.
“The market was extremely receptive to Foxwood and the value-add nature of the asset. Newark has seen an influx of growth during the past few years and the University of Delaware continues to be a catalyst for the submarket,” said Mark Thomson, HFF senior managing director, in a prepared statement.
Image courtesy of Yardi Matrix