NORRISTOWN, PA—RRG Norristown Apartments has acquired Riverstone East and West Apartments and Hunter's Run Apartments, two multi-housing properties totaling 83 units in Norristown, PA.
Holliday Fenoglio Fowler closed the sale and secured financing for the transaction. HFF marketed the assets on behalf of two separate sellers, a local private investor in the case of Riverstone, and Hunter's Run Apartments on behalf of Concordia Properties. In addition, HFF's debt placement team worked on behalf of the new owner to secure a seven-year, fixed-rate loan through a regional bank for the acquisition of both properties.
Hunter's Run Apartments is located at 1151 West Sterigere in Montgomery County less than five miles from the Plymouth Meeting Mall and King of Prussia Mall. The property provides access to all major employment centers in Pennsylvania via major roadways, including Interstates 476, 276 and 76 and Route 202 and the Norristown Elm Street Southeastern Pennsylvania Transit Authority (SEPTA) train station. The property has 39 one- and two-bedroom units, which are 97 percent occupied.
Riverstone East and West Apartments encompasses two adjacent buildings totaling 44 one- and two-bedroom units averaging 864 square feet each, and is one block south of Hunter's Run. Riverstone East is located at 1015 West Beech Street and Riverstone West is located at 920 Buttonwood Street.
HFF associate director Carl Fiebig and senior managing director Mark Thomson led the investment sales team representing the seller. Managing director James Conley and associate director Neil Campbell led HFF's debt placement team.
“The demand for value-add apartments in suburban Philadelphia remains robust,” says Fiebig. “Our team was able to procure an eclectic mix of local and regional buyers to the opportunity.”
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
NORRISTOWN, PA—RRG Norristown Apartments has acquired Riverstone East and West Apartments and Hunter's Run Apartments, two multi-housing properties totaling 83 units in Norristown, PA.
Holliday Fenoglio Fowler closed the sale and secured financing for the transaction. HFF marketed the assets on behalf of two separate sellers, a local private investor in the case of Riverstone, and Hunter's Run Apartments on behalf of Concordia Properties. In addition, HFF's debt placement team worked on behalf of the new owner to secure a seven-year, fixed-rate loan through a regional bank for the acquisition of both properties.
Hunter's Run Apartments is located at 1151 West Sterigere in Montgomery County less than five miles from the Plymouth Meeting Mall and King of Prussia Mall. The property provides access to all major employment centers in Pennsylvania via major roadways, including Interstates 476, 276 and 76 and Route 202 and the Norristown Elm Street Southeastern Pennsylvania Transit Authority (SEPTA) train station. The property has 39 one- and two-bedroom units, which are 97 percent occupied.
Riverstone East and West Apartments encompasses two adjacent buildings totaling 44 one- and two-bedroom units averaging 864 square feet each, and is one block south of Hunter's Run. Riverstone East is located at 1015 West Beech Street and Riverstone West is located at 920 Buttonwood Street.
HFF associate director Carl Fiebig and senior managing director Mark Thomson led the investment sales team representing the seller. Managing director James Conley and associate director Neil Campbell led HFF's debt placement team.
“The demand for value-add apartments in suburban Philadelphia remains robust,” says Fiebig. “Our team was able to procure an eclectic mix of local and regional buyers to the opportunity.”
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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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].
