YARDLEY, PA—HFF has closed the sale of and arranged acquisition financing for Yardley Crossing, a 196-unit multi-housing community situated along the Delaware River at 1800 Kathy Drive, Yardley, PA.
HFF marketed the property exclusively on behalf of the seller, Fairfield Belmondo LLC. Relative Properties, a new venture led by principals Devin Aronstam and Paul Aschkenasy, purchased the property. HFF also worked exclusively on behalf of the buyer to secure Fannie Mae financing for the property.
Yardley Crossing is situated on 23.68 acres, approximately 35 minutes from Center City Philadelphia and 55 minutes from New York City. The asset is predominantly comprised of two- and three-bedroom townhome-style units averaging more than 1,200 square feet, and also includes 12 one-bedroom flats that are 775 square feet. Community amenities include a swimming pool, basketball courts, playground, jogging and bike trails, clubhouse and recreation room.
HFF senior managing directors Zac Pierce, Mark Thomson and Jose Cruz led the investment sales team representing the seller. Managing directors Ryan Ade and James Conley led HFF's debt placement team.
“Yardley Crossing generated a significant amount of investor demand due to the property's convenient location proximate to several major cities, and its upside potential,” says Pierce. All parties involved executed flawlessly and epitomized professionalism throughout the course of the transaction.”
“The HFF team has a track record of roughly $500 million in transactions with Devin Aronstam, and we are excited to have been involved in the first acquisition of the new Relative Properties venture,” says Thomson. “We look forward to the opportunity to work with their team again in the future as they expand their market share in the region.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
