Affordable Housing Community in Philly Changes Hands
- Mar 16, 2017
Philadelphia—Pleasant Valley, a 41-unit, affordable housing community in the Philadelphia suburb of Conshohocken, Pa., sold for $6.4 million. HFF marketed the property on behalf of PV Associates. The company sold the community free and clear of existing debt to an affordable housing group based on the West Coast.
Pleasant Valley is situated on 1.12 acres at 107 East Hector St. The property is part of the live, work, play community of Conshohocken, approximately 15 miles northwest of Philadelphia’s Center City. The transit-oriented development sits across from a SEPTA rail station, at the convergence of major highways in the western suburbs of Philadelphia, including Interstates 76 and 476. The community offers a mix of one-, two- and three-bedroom units averaging 899 square feet, 40 of which are Project-Based Section 8 (HAP) units. The property was 98 percent occupied at the time of sale.
Carl Fiebig, associate director, along with Doug Childers, managing director, Mark Thomson, senior managing director, and Fran Coyne, associate director, led the HFF investment sales team representing the seller.
“The property’s upcoming HAP contract expiration coupled with its A+ location attracted a mix of both affordable and market-rate housing buyers,” Fiebig continued. “Ultimately, the property sold to a West Coast-based affordable housing group.”
Image courtesy of HFF