Bethesda, MD, August 14, 2017 –
Phillips Realty Capital announced that a $31,300,000 transaction on behalf of Woodfield Investments has closed and funded. A large global investment management company provided the joint venture equity investment towards the acquisition and development of Woodfield’s Valley Forge Class A luxury apartment community located in King of Prussia, PA. The equity financing was structured by Adam Bieber, Managing Director at Phillips Realty Capital.
Woodfield Valley Forge is a 320-unit Class A luxury apartment community located in The Village at Valley Forge development in the high-growth Philadelphia suburb King of Prussia. The Village at Valley Forge is a 122 acre, mixed-use, lifestyle environment conceived as a village with its own town center, known as the King of Prussia Town Center. The upscale retail and dining destination was developed by JBG Cos. and acquired by a CBRE Global Investors fund in May, when it was reported to be nearly 90% leased.
Walkable to the King of Prussia Town Center, Woodfield Valley Forge is also proximate to the Valley Forge National Park and Chester Valley Trail, offering residents easy access to local outdoor amenities. With a 493-space parking garage (1.54 per unit), the Project also offers abundant parking for residents. The Property will be fully-amenitized, with a pool, fitness center, spin/class studio, flex work space, pet spa and sky lounge. The site plan was approved in March 2017.
“The team at Phillips understands our business model and our track record in communities throughout the Mid-Atlantic,” said Rick Rowland of Woodfield Investments. “We are very happy that they were able to help us find a partner, not just an equity allocator. We are already seeing early synergies from this new partnership in our first project in the dynamic Philadelphia market.”
“Phillips was privileged to work on behalf of Woodfield to structure this exciting opportunity, which marks their re-emergence into the greater Philadelphia market,” Bieber said. “Their experience, track record, and thoughtfulness in design and execution will undoubtedly deliver a best-in-class community.”