HFF Closes $31M Philly Area Sale

The Edge at Greentree, a garden-style community near the Delaware-Pennsylvania border, sold to a private group.
Situated near Naamans Road,  I-95 and I-495, The Edge at Greentree ie less than 10 miles from Wilmington, Del., and 23 miles from Philadelphia.

Situated near Naamans Road, I-95 and I-495, The Edge at Greentree is less than 10 miles from Wilmington, Del., and 23 miles from Philadelphia.

Claymont, Del.HFF has closed the $31.1 million sale of The Edge at Greentree, a 286-unit, garden-style apartment community in Claymont, Del., near the Pennsylvania state line.

HFF partnered with The Galman Group to market the property. Senior managing director Mark Thomson and associate director Carl Fiebig represented the seller on behalf of HFF’s investment sales team. A JV between two Northeast-based private entities bought the asset free and clear of existing debt.

“The asset was previously marketed by another broker, which meant that we could leave no stone unturned,” Thomson commented in a statement. “We continue to educate out-of-town equity on the merits of investing in Delaware.”

The Edge at Greentree features 26 apartment buildings with one-, two- and three-bedroom layouts averaging 844 square feet. Amenities include a tech lounge and ultramodern fitness center. The property is close to retail and employment corridors in Wilmington, Del., 10 miles away, and Philadelphia, 23 miles away.

Fiebig added, “We consistently raise the bar on the standard price per unit in many of our markets, including Delaware. This sale supports the notion of regional buyers being attracted to value-add product with strong fundamentals throughout the Philadelphia MSA,” where just yesterday Fiebig and Thomson closed a $13 million sale.

Image courtesy of HFF