Goldman Sachs Asset Management Private Real Estate has acquired Chestnut Hill Village, a multifamily property located within Philadelphia’s Chestnut Hill submarket. HFF’s debt placement team worked on behalf of the new owner to arrange a 10-year, fixed-rate acquisition loan through TH Real Estate. According to Yardi Matrix, the last recorded owner was Aimco, which purchased the property in October 2011 for $29 million from The Mid-America Management.
Chestnut Hill Village is within close proximity to the SEPTA train station, interstates 76 and 476, as well as Route 309 and the Pennsylvania Turnpike, providing easy access to downtown Philadelphia.
“We believe that the property’s location will be attractive to tenants because it provides access to both retail amenities and public transportation. We also believe this asset’s differentiated physical attributes and a diverse unit mix will cater to a variety of renters in the market,” said Joseph Gorin, co-head of GSAM PRE, in a prepared statement.
Vast amenity offerings
Located at 7800 Stenton Ave., the pet friendly community features 821 one- and two-bedroom units within Chestnut Hill Village Apartments, as well as two- and three-bedroom townhouses within Blossom Row. According to Yardi Matrix, the asset was 96.3 percent occupied as of June 2018. Floorplans range from 440 to 2,000 square feet, across 49 buildings. Interior features include wood floors, washer/dryers, spacious closets, balcony/patios, stainless steel appliances and quartz or granite countertops. Residents have access to common area amenities including:
- fitness center
- swimming pool with sundeck
- 22 laundry facilities
- 1,650 parking spaces
- business center
- barbecue areas
- package lockers
- children’s swimming pool
GSAM PRE will be implementing a capital improvements plan to upgrade apartment interiors to include new flooring, cabinetry, countertops and fixtures. Common areas will also be updated. This purchase marks the company’s 18th investment, bringing its total portfolio to 5,600 units. In May, the company purchased Hanover Mill Avenue, a 341-unit community in Tempe, Ariz.
HFF’s debt placement team of Managing Directors Ryan Ade and Campbell Roche, as well as Director Michael Pagniucci, represented GSAM PRE. HFF’s investment advisory team of Managing Directors Mark Thomson and Jose Cruz, Senior Director Carl Fiebig and Director Fran Coyne, represented the seller.
Image courtesy of HFF