October 2, 2018 – 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, Pennsylvania.
The HFF team marketed the asset on behalf of the seller, an indirect wholly owned subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS). 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, award-winning restaurants, sought-after schools and several heavily traveled thoroughfares, including the Pennsylvania Turnpike, Route 202, Route 30 and Route 422. The unit mix comprises a diverse blend of one- and two-bedroom apartment homes with open floor plans averaging 1,078 square feet. All units have breakfast bars, garden tubs, nine-foot ceilings, washers and dryers, and private patios or balconies. Community amenities include a resort-style pool, 24-hour fitness center, large dog park and business center.
The HFF team representing the seller included senior managing directors Mark Thomson and Ed Coco, senior director Carl Fiebig and director Fran Coyne.