16B — August 25 - September 14, 2017 — Industry Leaders — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
I ndustry L eaders
ilmington, DE — Holliday Feno- glio Fowler, L.P. Marketed the asset on behalf of the seller, Merion Realty Partners HFF closes sale of high-rise multi-housing property in Wilmington, Delaware W
studio, one-, two- and three- bedroom apartment homes averaging 928 s/f offering panoramic views of histor- ic Trolley Square, which is one of Wilmington’s most sought-after neighborhoods. The property benefits from walkability to a variety of amenities in the surrounding area as well as accessibility to major roadways throughout the highly trafficked Delaware Ave. corridor, including I-95 (0.25 miles) and Rte. 202 (1.5 miles). 1303 Delaware is also less than two miles from the Wilmington Amtrak station,
offering rail transportation throughout Philadelphia and the Northeast. Community amenities include a fitness center, business center and garage parking. The HFF investment sales team representing the seller was led by senior managing director Mark Thomson and directors Carl Fiebig and Francis Coyne . HFF’s debt placement team was led by managing director James Conley. “This was a great opportu- nity for investors to acquire a property in one of the best
locations in the state with a proven value-add component,” Thomson said. “The sellers re- cently renovated 84 of the 231 units and invested more than $2 million in building systems improvements. The capital spent on building improve- ments provides the new buyer a great opportunity to focus on updating the remaining 141 unrenovated units, which still have original kitchens and bathrooms.” “All of these factors com- bined to create significant in- terest in the property,” Fiebig added. “Many of the groups attracted to this offering were looking to acquire in Dela- ware for the first time and were drawn to the strength of the submarket, property and proven value-add story.” n Urbahn Architects pr omo t e s Sen - gupta to associate principal New York, NY — Ur- bahn Architects has pro- firm’s current U.S. and in- ternational projects exceeds $500 million. Building Design & Construction magazine ranks Urbahn as the 89th largest architectural firm in the U.S. “Ranabir Sengupta’s out- standing talent, innovative approach to architecture, and expertise in designing and managing large and complex projects in the commercial, education, and civic markets has tremendously benefitted Urbahn’s clients since he joined our firm in 1993”, said Urbahn principal Donald E. Henry, Jr., AIA, LEED AP . In his new role, Sengupta leads the design and plan- ning activities, guiding the creative team of architects and designers across all of Urbahn’s market sectors. His responsibilities include working with teams at the outset of each project to as- sess clients’ objectives, design parameters, and development challenges. n Ranabir Sengupta m o t e d R a n a b i r Sengupta, AIA, LEED A P f r o m senior asso- ciate to as- sociate prin- c i pa l . The value of the
(HFF) has closed the sale of 1303 Delaware Apartment Homes (“1303 Delaware”), a 231-unit, high-rise multi- housing property in the Trol- ley Square neighborhood of Wilmington. HFF marketed the asset on behalf of the seller, Merion Realty Partners . Capano Residential purchased the offering free and clear of debt. Additionally, HFF worked on behalf of the new owner to se- cure a fixed-rate Fannie Mae
1303 Delaware
acquisition loan. 1303 Delaware consists of
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