DELRAN, NJ-HFF has completed the sale of Tenby Chase Apartments, a 327-unit garden-style community here, to SDK Apartments for $37.5 million.
HFF marketed the property on behalf of the seller, Pantzer Properties.
Tenby Chase Apartments is situated just off Route 130, about 13.5 miles east of Center City Philadelphia. The property is 98% leased. It offers one- and two-bedroom units, including townhomes, which average 1,387 square feet. The complex has an outdoor pool, playground and tennis court.
HFF's sales team was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O'Hearn and Jeffrey Julien and associate director Michael Oliver.
“Tenby Chase has successfully raised market rents three times in the past 12 months. Coupled with larger than average unit sizes, this property presented an attractive opportunity for investors,” said Cruz. “The seller took advantage of strong demand for multi-housing properties.”
Pantzer Properties, an investor in undervalued real estate with more than $1.5 billion in assets under management, is based in New York City with offices in Rochelle Park and Herndon, VA. The firm is a fully integrated owner/operator of institutional quality properties on the east coast.
The buyer, SDK Apartments, is a privately held real estate company based in northern New Jersey. It owns, manages, acquires, rehabilitates and develops multi-family apartment complexes and medical buildings in Northeastern and Mid-Atlantic States.
HFF operates out of 21 offices around the country.
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