Midstate properties among housing portfolio sold for $467M
A real estate portfolio with 22 multifamily properties in Pennsylvania, including a few apartment communities in the midstate, has been sold for $467 million, according to a commercial real estate firm that marketed the properties for the seller.
Dallas-based Holliday Fenoglio Fowler LP, or HFF, marketed the portfolio for Philadelphia-based fund manager Equus Capital Partners Ltd.
The portfolio's 22 properties — spanning suburban Philadelphia, Lancaster County, the Harrisburg area, the Lehigh Valley and northeastern Pennsylvania — were sold in phases to different buyers throughout the course of this year.
HFF declined to name the properties in the Harrisburg area due to a confidentiality agreement. And Equus hasn't issued any recent news releases about midstate property deals. Officials were not immediately available for comment.
In July, Lancaster County's High Real Estate Group said it bought four apartment communities in Lancaster and Lebanon counties, representing 412 units overall, from Equus. That was part of a $60 million deal for High that also included a Courtyard by Marriott Hotel in Ewing, N.J.
HFF said the properties in the portfolio ranged from 50 units to 400 units. Some were built in the early 1960s while others were erected in the mid-2000s.