$96.5M sale and financing of multi-housing community in the Philadelphia area closes

PHILADELPHIA, Nov. 1, 2022 – JLL Capital Markets announced today that it closed the $96.5 million sale and acquisition financing of Valleybrook at Chadds Ford, a 352-unit, value-add multi-housing community in Chadds Ford, Delaware County, Pennsylvania.

JLL marketed the property on behalf of the seller, a real estate fund advised by Crow Holdings Capital. FPA Multifamily acquired the asset.

Constructed in 2002, Valleybrook at Chadds offers 144 one-bedroom, 166 two-bedroom and 42 three-bedroom units, averaging 992 square feet. Units feature nine-foot ceilings, patios or balconies, full-size washers and dryers, along with granite/quartz countertops and stainless steel appliances in renovated units. Community amenities include a newly renovated two-story clubhouse, equipped with a business center, yoga studio, state-of-the-art fitness center and wi-fi lounge. The property also features an extensive outdoor amenity package highlighted by a resort-style swimming pool, grilling stations and on-site parking garages.

Valleybrook at Chadds Ford is strategically located in affluent Chadds Ford, along the heavily traveled Route 202. The community benefits from its proximity to several retail destinations, including the Concord Mall, Brandywine Town Center and the Whole Foods-anchored Glen Eagle Square. Furthermore, the property is located in the Garnet Valley School District, which ranks in the 98^th percentile in the state of Pennsylvania. Valleybrook at Chadds Ford is located just a short drive to many of the region’s top employers, and 20 minutes from Philadelphia and Wilmington, Delaware.

The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Managing Directors Mark Thomson and Carl Fiebig, Senior Director Francis Coyne and Director Tyler Margraf.

“Valleybrook at Chadds Ford is the quintessential, value-add opportunity positioned in an A+ submarket highlighted by the $167,000 average household income in a one-mile radius,” said Fiebig.

“We are grateful to bring this asset full circle for Crow Holdings Capital, having sold and financed the acquisition in 2018. Crow Holdings Capital seamlessly executed their business plan, allowing subsequent ownership to acquire an asset with a proven renovation program,” said Thomson.

Coyne added, “While the marketing process yielded a significant amount of interest from a wide variety of capital sources, we were pleased to be able to work with repeat clients on both the buy and sell side, who performed exceptionally.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Crow Holdings Capital (CHC) is a real estate investment management company specializing in multifamily, industrial, and specialty property types delivered through strategies that span the risk-return spectrum. For more than 20 years, CHC has sought out a diversified portfolio in partnership with leading global investors and generating attractive returns across market cycles. Led by a highly experienced leadership team, CHC manages $17 billion in real estate assets and is a subsidiary of Crow Holdings, a privately owned real estate investment and development firm with nearly 75 years of history, $30 billion of assets under management, and an established platform with a vision for continued success. The firm’s ongoing legacy is rooted in its founding principles: partnership, collaboration, and alignment of interests. For more information, please visit www.crowholdings.com. 

FPA Multifamily, LLC is a real estate operating company focused on the acquisition, renovation, and management of both core plus and work force housing apartment communities.  Founded in 1985, FPA has owned over 140,000 apartment units valued at over $20 billion.  FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VIII which will acquire approximately $4.6 billion of assets and its core-plus focused FPA Core Plus Fund V which will acquire approximately $1.9 billion of assets.  Headquartered in San Francisco, FPA also has offices in Atlanta, Chicago, Denver, Houston, Irvine and Washington DC.  For more information, please visit www.fpamf.com.