Stone Rise Apartments, 900 Selwyn Place, Glenmoore, PA
GLENMOORE, PA—Atlanta-based Preferred Apartment Communities has sold Stone Rise, a class A multifamily community built in 2008, and located at 900 Selwyn Place, Glenmoore, PA, about 40 miles west of Philadelphia, PA.
Stone Rise consists of one and two bedroom garden apartment homes, a resort-style pool, 24 hour internet café and fitness center. The property also has a car-care center and a “bark park” for pets.
PAC sold Stone Rise for gross proceeds of approximately $42.5 million, the net proceeds of which will be used for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate loan investments and general corporate purposes.
The property achieved an average annualized return of approximately 23% and generated a gain on sale of approximately $12.4 million. Holliday Fenoglio Fowler marketed the property for PAC. FPA Multifamily purchased the offering free and clear of existing financing.
The HFF team representing the seller included senior managing directors Mark Thomson and Ed Coco, senior director Carl Fiebig and director Fran Coyne.
“The financial results generated from the sale of Stone Rise, a property purchased by PAC in 2011, demonstrates our ability to execute and deliver outstanding returns to our stockholders,” says John A. Isakson, executive vice president and chief financial officer for PAC. “We remain committed to a disciplined strategy of carefully allocating capital to accretive investments, optimizing the operations of our owned assets and, when appropriate, opportunistically divesting certain assets in an effort to produce the best possible returns for our stockholders.”
Updated 10/2/2018, 11:05 p.m.: This story was updated to reflect additional information about the sale and purchase provided by HFF.
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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].
