WEST CHESTER, PA — HFF announced that it has closed the sale of Halstead, a 198-unit apartment and townhome community in West Chester.
HFF marketed the property on behalf of the seller, TGM Associates. Metropolitan Management Corporation purchased the asset.
Halstead is situated on more than 11 acres at 812 Goshen Rd. near Routes 202 and 322 and the West Chester Pike in the heart of West Chester. The garden- and townhome-style property consists of six, two-story courtyard buildings containing 48 one-bedroom flats, 109 two-bedroom townhomes and 41 three-bedroom townhomes with flat-style units averaging 770 s/f each and townhome units averaging 1,076 s/f. Community amenities include a newly-renovated clubhouse, fitness center and bark park.
The HFF investment sales team representing the seller was led by senior managing directors Mark Thomson, Zac Pierce and Jose Cruz.
“Halstead represents the opportunity to continue a proven renovation strategy in one of Philadelphia’s most highly-acclaimed suburban submarkets. Investors continue to target West Chester due to strong rental growth, low vacancy, high household income, and the increasing number of jobs throughout the area,” said Thomson.
Pierce added, “We’ve had success in marketing more than 700 units in and around the borough in the past two years.”