HFF Closes $16M Sale of Two Multifamily Properties in Philadelphia

FLORHAM PARK—HFF has closed the sale of Red Lion Apartments and Cheswick Apartments, two multifamily properties totaling 231 units in Philadelphia.

HFF marketed the offering on behalf of the seller, AIG Global Investment Group. The Galman Group purchased the assets for $16.147 million.

The properties are part of the second pool of assets HFF has marketed and sold for AIG Global Investment Group. In July 2011, HFF closed the $241.5 million sale of a 2,185-unit multifamily portfolio in central New Jersey.

Red Lion Apartments has 120 units, and Cheswick Apartments has 111 units. Both are in Philadelphia. The HFF team representing AIG Global Investment Group included senior managing directors Jose Cruz and Andrew Scandalios, directors Jeffrey Julien and Kevin O’Hearn and associate director Mike Oliver.

he Galman Group owns and manages more than 6,000 apartment communities and condominiums in the Delaware Valley region.

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