PHILADELPHIA, PA — Holliday Fenoglio Fowler, L.P. (HFF) announces the $42.5 million sale of Stone Rise, a 216-unit, class A multi-housing community in the Philadelphia suburb of Glenmoore.
The HFF team marketed the asset on behalf of the seller, an indirect wholly owned subsidiary of Preferred Apartment Communities, Inc. FPA Multifamily, LLC purchased the offering free and clear of existing financing.
Stone Rise is located 900 Selwyn Place in affluent Chester County. Constructed in 2008, the eight-building property is set on 21 low-density acres near luxury retail, restaurants, sought-after schools and several heavily traveled thoroughfares.
The HFF team representing the seller included senior managing directors Mark Thomson and Ed Coco, senior director Carl Fiebig and director Fran Coyne.