HFF Leads $13M Sale of Philly Apartments

Lennox Apartments, a 156-unit apartment community in Mount Airy, sold to a private New York-based group.

Philadelphia—HFF has closed the $12.7 million sale and secured $9.5 million in financing for Lennox Apartments, a 156-unit, mid-rise apartment property in Philadelphia’s Mount Airy neighborhood.

Lennox Apartments

Lennox Apartments

The firm marketed the community on behalf of Premier Properties. A private, New York-based group purchased the asset free and clear of existing debt.  Additionally, HFF worked on the buyer’s behalf to place a five-year, fixed-rate acquisition loan with a regional bank.

Lennox Apartments is 94 percent leased and features studio, one- and two-bedroom units. The property is located at 232-242 West Walnut Lane near the Southeastern Pennsylvania Transportation Authority (SEPTA) Tulpehocken station. Lennox Apartments is also situated less than eight miles from Center City, offering access to Philadelphia University and major thoroughfares, including Interstate 76 and Lincoln Drive. The three-building, four-story community was originally built in 1928 and partially renovated through 2015.

The HFF investment sales team representing the seller was led by Carl Fiebig, associate director, and Mark Thomson, senior managing director. HFF’s debt placement team was led by James Conley, managing director.

“Our team has been successful in this submarket on three different occasions during the past few years,” Fiebig commented.

“Buyers from New York and New Jersey continue to actively pursue well-located, value-add product in the Philadelphia area,” added Thomson. “Our team was pleased to procure a 1031 exchange buyer that provided a high level of certainty for our client.”

Image courtesy of Yardi Matrix