HFF Arranges Sale of DE Apartment Community
- Sep 21, 2017
A joint venture between CenterSquare Investment Management and Korman Residential Properties sold Brandywine Hundred Apartments to a regional private buyer, free and clear of any debt. HFF Senior Managing Directors Mark Thomson and Jose Cruz, Directors Carl Fiebig and Francis Coyne, and Robert Stella of local firm Financial & Consulting Services Inc. were part of the team representing the seller. Recently, Korman Residential also partnered with The Carlyle Group to acquire 3737 Chestnut in Philadelphia’s University City for $118 million.
Brandywine Hundred Apartments is a two-building, 301-unit community situated on 10.7 acres of land at 400 and 402 Foulk Road in Wilmington, Del. Apartments average 946 square feet. Recently, 49 units were renovated, generating an average monthly premium of $155 per unit, according to HFF. Residents at Brandywine have access to a swimming pool with sundeck, fitness center, a resident lounge, business center and tennis courts. On-site property management and 24-hour emergency maintenance are also available.
Easy access to transit and retail
Major points of interest are accessible to residents via Interstate 95 or state highways 141 and 202. Downtown Wilmington is three miles away, Center City is 31 miles away, while the Philadelphia International Airport is a 25-minute car ride away from the property. Along the Concord Pike retail corridor via Route 202, there are several shopping and dining options available to residents of the community, as well as country clubs, golf courses and hiking trails in the nearby area.
“Brandywine Hundred offered investors the opportunity to continue a proven value-add story in one of the best locations in the State of Delaware. Between AstraZeneca, JPMorgan and A.I DuPont, there are over 7,000 employees within a one-mile radius, many of which live at the property,” Mark Thomson said in a prepared statement.
Image courtesy of HFF