Holliday Fenoglio Fowler, L.P. announces sale of and financing for 2-property apartment portfolio in
PHILADELPHIA, PA — Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and financing for a two-property, transit-oriented apartment portfolio totaling 821 units in the historic Chestnut Hill submarket of Philadelphia. The HFF team marketed the portfolio on behalf of the seller. Goldman Sachs Asset Management Private Real Estate (GSAM PRE) purchased the offering free and clear of existing financing. Additionally, HFF’s debt placement team worked on the new owner’s behalf to procure a 10-year, fixed-rate acquisition loan through TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA). The properties included in the offering are Chestnut Hill Village and Blossom Row. The properties, which were bifurcated in 2017, are situated on a total of 45 acres surrounding Market Square, an ACME Grocer-anchored shopping center, and adjacent to the Wyndmoor SEPTA regional rail station. Chestnut Hill Village comprises 704 units within 23 two- and three-story buildings. Blossom Row encompasses 117 private-entry, two-story townhomes, which include fenced-in backyards and finished basements. Residents have access to best-in-class amenities, which are highlighted by a community pool and a recently constructed clubhouse with fitness center. The portfolio is 96 percent occupied overall.