Relative Properties Scoop Up Riverwalk at Millennium
In the latest trade, HFF marketed the property exclusively on behalf of the seller and also worked on behalf of Relative Properties to place the fixed-rate acquisition loan through Freddie Mac.
CONSHOHOCKEN, PA—Long Wharf Capital and Sully Co. have sold the Riverwalk at Millennium multifamily development here to Bryn Mawr, PA-based Relative Properties.
The joint venture partners acquired the 375-unit transit-oriented development in 2015 for approximately $81 million, according to multiple published reports. The property previously traded a decade earlier when an affiliate of JP Morgan purchased the property for $87.5 million, according to a report in the Philadelphia Business Journal.
Long Wharf Capital is based in Boston and Scully Co. is headquartered in Jenkintown, PA.
Relative Properties’ purchase of the property was reported by brokerage firm Holliday Fenoglio Fowler, which brokered the sale of the property to Long Wharf and Scully Co. in 2015 and arranged both the joint venture partnership between the two and acquisition financing in that deal.
In the latest trade, HFF marketed the property exclusively on behalf of the seller and also worked on behalf of Relative Properties to place the fixed-rate acquisition loan through Freddie Mac. The unspecified loan will be serviced by HFF, a Freddie Mac Multifamily Approved Lender for Conventional Loans. No financial terms of the transaction were disclosed.
The HFF investment advisory team representing the seller was led by senior managing director Mark Thomson, senior director Carl Fiebig and director Francis Coyne along with senior managing director Jose Cruz.
Originally constructed in 2005, 189 units were rebuilt in 2010 after a construction fire at an adjacent property burned down two of the property’s four buildings.
Riverwalk at Millennium is situated on 7.89 acres at 309 Washington St. in Conshohocken, a suburb northwest of Philadelphia that borders the Schuylkill River.
The Schuylkill River Trail, which is used for running and biking along the river between Valley Forge and Center City, is directly behind the property. The four-story buildings sit above single-story parking garages and house a diverse blend of one- and two-bedroom units with contemporary floor plans averaging 923 square feet. Units also feature ceilings at least nine feet high, plank flooring, full-sized washer/dryers and six-foot windows. Community amenities include controlled access, a modern clubhouse with fireplace, a resort-style pool with sundeck and grill area and a contemporary fitness center with an on-demand fitness studio.