Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of The Highlands at Cherry Hill Apartments, a 170-unit luxury multi-housing property in Cherry Hill.
The HFF team represented the seller, Equity Residential, and procured the buyer, Friedkin Realty Group.
Completed in 2002, The Highlands at Cherry Hill Apartments comprises 12 two-story residential buildings housing one-, two- and three-bedroom units. The 97-percent-leased community offers residents a clubhouse with lounge, fitness center, business center, grilling area, resort-style swimming pool with Jacuzzi, valet dry cleaning service and parking available in a mix of direct access, hallway access and detached garages as well as surface spaces. The property is situated on 11.29 acres at 1980 Route 70, the area’s premier commercial thoroughfare, and is just fifteen minutes from Center City Philadelphia. This affluent suburb with a 2017 average household income of more than $117,000 is convenient to employment drivers in Philadelphia and New Jersey via the New Jersey Turnpike, Interstates 295 and 676, and is close to several high-end shopping destinations, including The Marketplace at Garden State Park and the 1.2-million-square-foot Cherry Hill Mall.
The HFF investment advisory team representing the seller included senior managing directors Jose Cruz and Mark Thomson, managing director Kevin O’Hearn, senior directors Stephen Simonelli and Carl Fiebig and director Fran Coyne.
“The property’s current occupancy of more than 97 percent combined with its access to retail and superior amenities made it a highly desirable investment for several public and private entities,” Cruz said.
“We were very encouraged by the activity on this transaction,” added Thomson. “Despite the smaller property size of 170 units, the market showed a strong interest from both institutional and private groups. By leveraging our national platform, we procured 27 tours. Ultimately, the deal was awarded to Friedkin Realty, a San Francisco-based firm and first-time buyer in the New Jersey and Philadelphia MSA. We always take pride in moving new capital to the region as was the case on this transaction.”