Holliday Fenoglio Fowler, L.P. (HFF) announces the $44.5 million sale of and the $34.3 million acquisition financing for Foxwood Apartments, a 414-unit, value-add multi-housing property proximate to the University of Delaware in Newark, Delaware.
The HFF team marketed the property on behalf of the seller, Fairfield English Village LLC, an affiliate of Fairfield Residential. Aulder Capital purchased the offering free and clear of debt. Additionally, working on behalf of Aulder Capital, the HFF debt placement team placed a seven-year, fixed-rate loan with four years of interest only at 75 percent LTV through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. In 2016, HFF originated Freddie Mac loans totaling $4.6 billion in total volume, ranking No. 4 among Freddie Mac Seller/Servicers.
Foxwood Apartments comprises 31 three- and four-story residential buildings completed in the 1970s. Ninety-six percent leased, the garden-style apartment community contains a mix of one-, two- and three-bedroom floor plans averaging 869 square feet, and units feature full-sized washers and dryers and either a private patio or balcony. Community amenities include a resort-style pool with sundeck, playground, fitness center, barbeques, picnic areas and landscaped grounds. Situated on 27 acres at 15 Fox Hall in Newark, Foxwood Apartments is 4.4 miles from the University of Delaware, which serves as an economic anchor for the region and has an enrollment of more than 23,000 students and 4,300 employees. The property is less than 15 miles from downtown Wilmington and less than 44 miles from downtown Philadelphia.
The HFF investment advisory team representing Fairfield included senior managing director Mark Thomson, directors Carl Fiebig and Francis Coyne and senior managing director Jose Cruz, along with Robert M. Stella of Financial & Consulting Services, Inc., a licensed Delaware real estate broker.
The HFF debt placement team representing Aulder Capital included managing director James Conley.
“The market was extremely receptive to Foxwood and the value-add nature of the asset,” Thomson said. “Newark has seen an influx of growth during the past few years and the University of Delaware continues to be a catalyst for the submarket. We conducted 32 property tours and procured 19 offers, both metrics that have been consistent in our recent value-add offerings.”
“During the past 12 months, our team has successfully marketed more than 1,500 units in Delaware,” Fiebig added. “We have consistently procured new equity in the market, and are pleased to have assisted Aulder with its first acquisition in Delaware.”
About Fairfield Residential
Fairfield Residential is a leader in high-end living experiences. The company manages 47,000 units nationwide across luxury new construction and renovated apartment homes in urban and suburban infill neighborhoods and tax credit affordable housing properties. Fairfield Residential offers a fully integrated national multifamily services platform providing development, construction, renovation, asset and property management, and acquisition and disposition services to our investors and to third-party entities. Learn more at https://www.fairfieldresidential.com.
About Aulder Capital
Aulder Capital is a vertically integrated, privately held investment and management company that focuses on value-add multi-family and commercial properties located in New York City and the Northeast corridor. Aulder targets middle-market transactions ($10 to $50 million) with attractive risk-adjusted returns achieved through investments in renovation, leasing, marketing and repositioning. Aulder principals have over 30 years of experience at a range of institutional and “grass-roots” shops, with a combined $6.5 billion of transaction experience. For more information, visithttps://www.aulder.com.
About HFF
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
