BENSALEM, PA—Wessex First Avenue Associates has acquired Regency Apartments, a 253-unit, garden-style multi-housing community in Bensalem, PA, from owner SAS Regency for $19.75 million.
Holliday Fenoglio Fowler brokered the sale and arranged acquisition financing. Mark Thomson and Carl Fiebig led the HFF investment sales team, and James Conley led its debt placement team.
"Regency Apartments provided the opportunity to purchase and renovate a sizeable multi-housing property in a dense, Buck's County location," says Thomson. "Our team was able to procure more than 40 property tours and 21 offers, providing flexibility for our client. The activity alludes to the demand for well-located, value-add product in the Philadelphia suburbs,"
"The buyer pool was extremely diverse and we have had success importing capital from outside Philadelphia into the region," says Fiebig. "Investors continue to target Philadelphia based on strong fundamentals and the 'flight-to-yield' theory in comparison to the New York, New Jersey and Washington, DC markets."
Wessex First Avenue Associates purchased the property free and clear of existing debt. HFF arranged a $15.472 million, seven-year, 75 percent, fixed-rate loan through a regional bank for the new owner.
Regency Apartments, 2049 Brown Avenue, is less than one half of a mile from the intersection of Street Road (Route 132) and Hulmeville Road (Route 513) and is less than two miles from Interstate 95, providing access into Philadelphia and New Jersey. The property is flanked by Bensalem Plaza Shopping Center and Bensalem Township Country Club and is a short distance from Philadelphia Mills and Parx Casino and Race Course. The community has seven, three-story residential buildings housing a mix of studio, one- and two-bedroom units averaging 774 square feet each centered around a courtyard with swimming pool.
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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].
