Real Estate Journal — Owners, Developers & Managers — May 24 - June 13, 2019 — 3B
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O wners , D evelopers & M anagers Senior vice president Matt Weilheimer handles sale Kislak sells 310-unit Laurel Manor in Delaware County, PA
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the purchaser, with advise- ment from East Hill Realty. The property was construct- ed in the early 1960s and the offering provided a value-add opportunity to increase rents by completing interior and exterior upgrades. “Laurel Manor is a spe- cial property given its ac- cessibility to mass transit,” said Weilheimer. “It is only a 25-minute train ride to 30th Street Station in Philadelphia. Given that and the value-add opportunity that the property offered, we received more than 15 bids during our marketing
of the property from a variety of interested parties with ag- gressive terms. The purchaser will begin a renovation of the exterior and interior of the property and anticipates hold- ing Laurel Manor long term.” Laurel Manor is situated on three separate parcels of land adjacent to a SEPTA station. The property has historically high occupancy rates over 98 percent and was 100 percent pre-leased at the time of clos- ing. Sixty percent of the units have two bedrooms and the vast majority of units have semi-private entrances.
P P E R D A R B Y TWP., PA — The Kislak Company,
I n c . a n - nounced the recent sale of Laurel Man- or, a 310-unit apa r tmen t complex, lo- cated in Se- cane, a com- mun i t y i n Upper Darby
Matt Weilheimer
Township, for an undisclosed price. Kislak marketed the property on an exclusive ba- sis with senior vice president Matt Weilheimer handling the assignment and procuring HFF closes sale of Rockville, MD apartment community ROCKVILLE, MD — Hol- liday Fenoglio Fowler, L.P. (HFF) has closed the sale of Hanover Shady Grove, a 366- unit, transit-oriented, mid- rise apartment community in Rockville. HFF marketed the prop- erty on behalf of the seller, Hanover Company and Berkshire Residential In- vestments , and procured the buyer, Equity Residential . Hanover Shady Grove is lo- cated at 9305 Corporate Blvd. within the I-270 Bio Corridor, one of the country’s most prominent hubs for medical research, testing and develop- ment. Adjacent to I-270 and within a mile of Interstate 370/Maryland Rte. 200, the community provides connec- tivity to downtown Rockville, Bethesda and Washington, D.C. to the south and Gaith- ersburg and Germantown to the north. Additionally, Hanover Shady Grove offers access to the Washington, D.C. Metro’s Red Line via the nearby Shady Grove Metro Station to the east and to commuter rail service via the nearbyMARC Brunswick Line to the southeast. The HFF investment advi- sory team was led by Walter Coker and Brian Crivella along with Stephen Conley , a licensed Maryland real es- tate broker. Completed in 2016, the five- story property consists of a mix of studio through three- bedroom units averaging 970 s/f. The property was 95 percent occupied at closing.
Laurel Manor
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