Market Overview

HFF Announces Sale of and Financing for 2-Property Apartment Portfolio in Philadelphia

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Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and financing
for a two-property, transit-oriented apartment portfolio totaling 821
units in the historic Chestnut Hill submarket of Philadelphia,
Pennsylvania.

The HFF team marketed the portfolio on behalf of the seller. Goldman
Sachs Asset Management Private Real Estate (GSAM PRE) purchased the
offering free and clear of existing financing. Additionally, HFF's debt
placement team worked on the new owner's behalf to procure a 10-year,
fixed-rate acquisition loan through TH Real Estate, an affiliate of
Nuveen (the investment management arm of TIAA).

The properties included in the offering are Chestnut Hill Village and
Blossom Row. The properties, which were bifurcated in 2017, are situated
on a total of 45 acres surrounding Market Square, an ACME
Grocer-anchored shopping center, and adjacent to the Wyndmoor SEPTA
regional rail station. Chestnut Hill Village comprises 704 units within
23 two- and three-story buildings. Blossom Row encompasses 117
private-entry, two-story townhomes, which include fenced-in backyards
and finished basements. Residents have access to best-in-class
amenities, which are highlighted by a community pool and a recently
constructed clubhouse with fitness center. The portfolio is 96 percent
occupied overall.

The HFF investment advisory team representing the seller included senior
managing directors Mark Thomson and Jose Cruz, senior director Carl
Fiebig and director Fran Coyne.

HFF's debt placement team representing the new owner consisted of
managing directors Ryan Ade and Campbell Roche and director Michael
Pagniucci.

About HFF

HFF and its affiliates operate out of 26 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.

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