HFF Tapped to Market Pennsylvania Residential Asset
The company is representing the seller, a joint venture between CenterSquare Investment Management and Korman Residential, which acquired the asset back in 2007 for $30 million.
By Evelina Croitoru
HFF has been named to market the disposition of Brandywine Hundred Apartments, a 301-unit community in the historic Brandywine Hundred neighborhood of northern Wilmington, Del. HFF’s Senior Managing Directors Mark Thomson and Jose Cruz, along with Associate Director Carl Fiebig are representing the seller, a joint venture between CenterSquare Investment Management and Korman Residential.
Located at 400 Foulk Road, the property encompassing two buildings is located on a 10.7-acre parcel. The community’s unit mix consists of one-, two-, three-bedroom floor plans and studios ranging in size from 660 to 2,600 square feet. Property amenities include a fitness center, community room, swimming pool, tennis court, business center and 470 parking spaces. The asset is undergoing a renovation program, with 49 apartments refurbished so far. The upgrades have generated an average monthly premium of $155 per unit. Brandywine Hundred Apartments is located less than one mile from key employers such as JPMorgan Chase & Co., AstraZeneca and Nemours/Alfred I. duPont Hospital for Children. Additionally, the community is close to shopping and dining venues along Route 202.
According to Yardi Matrix, the community last changed hands in 2007 when Korman Residential Properties acquired the asset for $30 million.
Video courtesy of Korman Residential