Philadelphia-Area Property Lands New Owner
- Jul 02, 2019
Relative Properties of Bryn Mawr, Pa., has acquired Riverwalk at Millennium, a 375-unit, transit-oriented multifamily community in the Philadelphia suburb of Conshohocken, Pa., from a joint venture of Long Wharf Capital and Scully Co. HFF secured the fixed-rate acquisition loan through Freddie Mac and will service the loan.
HFF marketed the property exclusively on behalf of the seller. The HFF investment advisory team representing the JV included Senior Managing Directors Mark Thomson and Jose Cruz, Senior Director Carl Fiebig and Director Francis Coyne.
HFF’s debt placement team representing the new owner was led by Managing Director Ryan Ade and Senior Director Jamie Leachman.
In 2015, HFF brokered the sale of the property to Long Wharf and Scully Co. and arranged both the joint venture partnership and the acquisition financing.
Riverwalk at Millennium is situated on a nearly 8-acre site at 309 Washington St. bordering the Schuylkill River in Conshohocken. The SEPTA Regional Rail line is a short walk and Center City Philadelphia is about 20 minutes away. The Schuylkill River Trail, a running and biking trail between Valley Forge, Pa., and Center City, is directly behind the property.
The community has four-story buildings atop single-story parking garages that have a mix of one- and two-bedroom units averaging 923 square feet. Unit features include nine-foot ceilings, plank flooring and full-sized washers and dryers. Community amenities include controlled access, modern clubhouse with fireplace, resort-style pool with sundeck and grilling area, and a fitness center.
In May 2011, the building became the first multifamily property in Conshohocken to receive LEED certification. The property had significant fire damage in the fall of 2008 and half of the buildings needed to be rebuilt from the ground up. Among the green elements incorporated into the property were low-emitting windows, high-efficiency HVAC units, tankless hot water heaters, low VOC adhesives and paints, low-flung plumbing fixtures and water-efficient landscaping.
Other Multifamily Assets
Riverwalk at Millennium fits in with Relative Properties’ focus on owning and operating multifamily communities in the Northeast. Among its other Pennsylvania holdings is Polo Run, a 248-unit property in Yardley, Pa., acquired in May 2015 from TGM Associates.
Earlier this year, Scully Co., began the expansion of Hamilton Greene, a 416-unit community in Mays Landing, N.J., which was completed in the mid-1980s. The Jenkintown, Pa.-based multifamily owner and property manager will be constructing The Glades at Hamilton Greene, a 220-unit extension of Hamilton Greene. The first residents are slated to arrive in spring 2020 and the project is scheduled for completion in 2021.