PHILADELPHIA, PA, March 31, 2014 – Rittenhouse Realty Advisors is pleased to announce the sale of The Villas, a 240 unit apartment complex in New Castle, Delaware. The property features a mix of 55 one-bedroom units and 185 two-bedroom units. It is located just off of Christiana Road, with major arterial roads like I-95 and Routes 1, 7, 13, 40 and 20 easily accessible.
The buyer was Korman Residential Properties. The Villas is the most recent addition to their portfolio of properties, the majority of which are located in Pennsylvania and Delaware. “This was the second deal that Korman Residential purchased from this seller. Given the success they have had with the other project we are confident that The Villas will be a great addition to their portfolio,” noted Ken Wellar, Managing Partner.
The property presented a great value-add opportunity to the buyer. “Given the amount of renovations needed at the property and the upside potential that is available in the rents, this was an excellent opportunity for Korman Residential as they have an enormous amount of experience with value add projects in this market,” observed Corey Lonberger, Managing Partner.