Holliday Fenoglio Fowler has represented PV Associates in the sale of Pleasant Valley, a 41-unit, affordable housing community in the Philadelphia suburb of Conshohocken, Pennsylvania. Changing hands for $6.4 million of just under $156,100 per unit, the property is located at 107 East Hector Street. The asset offer units with an average floorspace of 899 sqf, 40 of awhich are Project-Based Section 8 (HAP) units. Built on a 1.12 acre site, the property which was 98 percent leased at the time of the sale, was sold free and clear of existing debt.
“The property’s upcoming HAP contract expiration coupled with its A+ location attracted a mix of both affordable and market-rate housing buyers,” said Carl Fiebig, HFF. “Ultimately, the property sold to a West Coast-based affordable housing group.”
