P ennsylvania

S hopping C enters

Real Estate Journal — Pennsylvania — Section C


M id A tlantic

Cruz, Oliver, Fiebig, O’Hearn and Simonelli with support fromOpalka &McBride rep. seller HFF announces $30+ million sale of student housing portfolio in Bethlehem, Pennsylvania B ETHLEHEM, PA — Holliday Feno- glio Fowler, L.P.

years amidst strong year-over- year rent growth. Lehigh Uni- versity has an enrollment of more than 7,000 with growth of 25 percent expected during the next seven years. The HFF investment advi- sory team representing the seller included senior manag- ing director Jose Cruz , senior directors Michael Oliver and Carl Fiebig , managing direc- tor Kevin O’Hearn and se- nior director Steve Simonelli with support from senior man- aging director Doug Opalka and director Ryan McBride . “The portfolio garnered at- tention from local, regional and international investors,” Oliver said. “The portfolio has shown strong historical perfor- mance and will continue to be a fantastic investment going forward.” 

(HFF) announces the more than $30 million sale of a 71-building/383-bed, scat- tered-site student housing portfolio at Lehigh University in Bethlehem. The HFF teammarketed the property on behalf of Campus Apartments. A private invest- ment vehicle managed by Hong Kong-based Beacon As- sets purchased the property free and clear of existing debt. The 71 properties within the

HI-LIGHTS JULY 13 - 26, 2018

Lehigh student portfolio

portfolio have prime ‘walk to campus’ locations and incred-

ible access to nightlife and retail. The portfolio achieved

close to 99 percent occupancy during the last two academic

Pennrose celebrates grand opening of public housing community in Abington Township



ABINGTON TWP., PA — On behalf of Pennrose , one of the leaders in multifam- ily development and manage- ment, held a grand opening ceremony for Crest Manor, a revitalized public housing community that has just un- dergone a $17.7 million rede- velopment in Abington Twp. in Montgomery County. Crest Manor will provide 46 units of affordable hous- ing to Montgomery County residents. The redevelopment of Crest Manor includes 15 substan- tially rehabilitated twin build- ings, three newly constructed multi-unit buildings and one newly constructed community and maintenance building. The project offers energy- efficient heating, ventilation, and central air conditioning systems and appliances and has achieved both Energy Star and LEED for Homes Gold certifications. The redevelop- ment also includes a new park adjacent to the community building. Speakers at the grand open- ing included: Valerie A. Arkoosh, MD,


Willner Properties executes 10,000 s/f lease with RKL LLP

Shown from left: Kenneth Lawrence, Jr., vice chair, Montgomery County Board of Commissioners; Rev. Jerome Coleman, First Baptist Church of Crestmont; Mark Dambly, president, Pennrose, LLC; Valerie Arkoosh, MD, chair, Montgomery County Board of Commissioners; Mark Schwartz, Esq., board member, Pennsylvania Housing Finance Agency; Joel A. Johnson, executive director, MCHA; Sandra Gibson, daughter of former Abington Township Commissioner John Gibson; Wayne Luker, president, Abington Township Board of Commissioners; Tracy Fletcher, II, VP & community development officer, Fulton Bank, and Joseph DeFelice, regional administrator, U.S. Department of Housing and Urban Development.

Chair, Montgomery County Board of Commissioners Mark Dambly, president, Pennrose, LLC. Tracy Fletcher II, vice presi- dent & community develop- ment officer, Fulton Bank Art Haywood , State Senator, Pennsylvania 4th Legislative District Joel Johnson , Executive Di- rector, Montgomery County Housing Authority Kenneth Lawrence Jr. , Vice Chair, Montgomery County

Board of Commissioners Crest Manor was originally built in 1963 by the Montgom- ery County Housing Authority (MCHA). MCHA partnered with Pennrose to develop and revitalize the 4.48-acre com- munity because it required major functional and aesthetic improvements. With more than 40 years of experience, Pennrose com- bines quality development and proven management to deliver exceptional lifestyle-centered

communities for its residents. The Montgomery County Housing Authority in part- nership with community or- ganizations, agencies and local governments, provides housing and homeownership opportunities for low and moderate income persons and families. It takes a leadership role in providing programs and resources for residents that promote and encourage self- sufficiency, self-esteem and self-determination. 


Service Directory ...................10C

Upcoming Spotlights Brokerage Directory CENTRAL PA contact: Marisol Chase mchase@marejournal.com


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