Real Estate Journal — Owners, Developers & Managers — October 26 - November 8, 2018 — 17B
www.marejournal.com
M id A tlantic
O wners , D evelopers & M anagers
Designed by Grimm and Parker architects Kinsley to construct elementary school for Frederick County, VA S Rendering courtesy of Grimm and Parker
FPA Multifamily, LLC purchases 216-units HFF’s Thomson, Coco, Fiebig & Coyne ink $42.5Mmultifamily sale
PHILADELPHIA, PA — Holliday Fenoglio Fowler, L.P. (HFF) announces the $42.5 million sale of Stone Rise, a 216-unit, class Amulti- housing community in the Philadelphia suburb of Glen- moore. The HFF teammarketed the asset on behalf of the seller, an indirect wholly owned subsid- iary of Preferred Apartment Communities, Inc. FPA Multifamily, LLC purchased the offering free and clear of existing financing. Stone Rise is located 900 Sel- wyn Place in affluent Chester County. Constructed in 2008, the eight-building property
TEPHENSON, VA — I n Augus t , t he School Board of Fred- erick County Public Schools awarded Kinsley Construc- tion, Inc. a contract to con- struct a new elementary school on a 20-acre site in Stephenson. Designed by Grimm and Parker architects, Frederick County’s 12th elementary school will be a new two- story, 84,375 s/f facility with 29 classrooms, gymnasium, dining area, library and ad- ministrative space. Currently, the project is PIRHL to bui ld Over-55, affordable- housing development in Freehold, NJ Wemrock Senior Living rendering FREEHOLD, NJ – A 75- unit, housing development for people 55 and older has been granted state environmental permits and is headed for con- struction. PIRHL will build the four- story community, Wemrock Senior Living, and plans to complete it by November 2019. Five housing units will be set aside for formerly homeless residents. “These features enhance the project’s appeal and the lives of those who reside there,” said Michael Gross , a shareholder with Giordano, Halleran & Ciesla in Red Bank, who is PIRHL’s environmental lawyer on the project. “Coupled with stable demo- graphic fundamentals, low senior multi-family residential supply, and a governmental openness to affordable housing that typically is not available, Wemrock Senior Living is posi- tioned to provide the residents of Freehold and the surround- ing area much needed, quality affordable housing,” said Lara Schwager , development VP of PIRHL. The NJ Dept. of Environ- mental Protection approved the flood hazard and freshwater wetlands permits on June 5. The project is awaiting soil con- servation district, road open- ing and building permits, and construction will then begin.
Stone Rise
is set on 21 low-density acres near luxury retail, restau- rants, sought-after schools and several heavily traveled thoroughfares. The HFF team representing the seller included senior man- aging directors Mark Thomson and Ed Coco, senior director Carl Fiebig and director Fran Coyne.
Frederick County, VA elementary school rendering
in the site work phase, and the new building is expected
to be open in time for the 2020/2021 school year.
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