Complex still facing litigation from Attorney General’s office
Holliday Fenoglio Fowler, L.P. (HFF), Philadelphia,aannounced that it completed the $35.5 million sale of and secured $26.6 million in financing for Autumn Park, a 358-unit multi-family-property in the Glasgow area.
HFF marketed the complex on behalf of the seller, Metropolitan Management Group. Concordia Properties,Philadelphia, purchased the complex. Also, HFF worked on behalf of the new owner to secure a floating-rate Fannie Mae acquisition loan.
Autumn Park is located in the Four Seasons area between Interstate 95 and Route 40 just off Route 896 (South College Avenue) providing access to the University of Delaware nearly four miles to the north.
Located on a nearly 16.9-acre site, the property consists of 26 three- and four-story buildings featuring studio, one-, two- and three-bedroom units averaging 1,030 square feet each. Autumn Park is 97 percent leased and offers amenities, including an outdoor swimming pool, 24-hour fitness center and playground.
The complex is also near a popular Shoprite store that opened a few years ago.
The complex had been in the news earlier this year, with the Attorney General’s office taking action over maintenance issues at the complex. A spokesperson for the AG’s office says the litigation is ongoing.
“Autumn Park presents the highly sought-after ‘sizeable value-add opportunity in a high growth, secondary market’,” Thomson said. “Our team takes great pride in procuring new buyers to a market and this deal is a perfect example of that.”
“The market continues to respond well to value-add product throughout the region,” Fiebig added. “We have been consistently securing in excess of 20 tours and more than 10 offers in the space. Other Mid-Atlantic markets are experiencing cap rate compression and uncertainty in legislation related to the apartment industry, which has created an increased demand for Delaware assets.”