DOVER, PA — Holliday Fenoglio Fowler, L.P. (HFF) announced the $20 million sale of two adjacent apartment communities totaling 311 units in suburban Dover, DE.
The HFF team marketed the property on behalf of the seller, Dover Investors, LP, an affiliate of Anderson Vedic. A regional private buyer purchased the offering free and clear of debt.
The properties in the portfolio consist of Alder Park Apartments and Pine Grove Apartments. Approximately 95 percent occupied overall, the properties are situated directly off Route 13 (DuPont Highway) and provide convenient access to numerous employment, retail and entertainment amenities in the region via nearby Route 1. Alder Park is located at 51 Webbs Lane and comprises 215 units averaging 639 s/f. Pine Grove is located at 255 Webbs Lane and comprises 96 units averaging 945 s/f. The communities share amenities, including a swimming pool with clubhouse, fitness center, barbecue area, on-site laundry facilities and on-site public transit access.
The HFF investment advisory team representing the seller included senior director Carl Fiebig, senior managing director Mark Thomson and director Francis Coyne along with Robert M. Stella of Financial & Consulting Services, Inc., a licensed Delaware real estate broker.
“With original kitchen and bathroom finishes and rents trailing the market average, the portfolio provided the quintessential value-add opportunity,” Fiebig said.
In other HFF news, Erkiletian Development Company has secured funding and subsequently broken ground for development of The Sur, a luxury 360-unit class A multifamily development in the Potomac Yard submarket of Arlington, VA.
The HFF team Walter Coker, Brian Crivella and Susan Carras arranged the preferred equity through PCCP while U.S. Bank provided the construction loan. All told, total development costs for the project are in excess of $148 million.