Holliday Fenoglio Fowler, L.P. (HFF) announced the $44.5 million sale of $34.3 million acquisition financing for Foxwood Apartments, a 414-unit, property in the Newark area.
The HFF team marketed the property on behalf of the seller, Fairfield English Village LLC, an affiliate of Fairfield Residential. Aulder Capital purchased apartments 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 loan to value through Freddie Mac’s CME Program.
The securitized loan will be serviced by HFF.
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.
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 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.”