Las Casas Apartments

7 Colony Boulevard; Wilmington, DE 19802

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Property Details

  • Price$ 11,400,000
  • Property TypeMulti Unit Housing
  • NeighborhoodBrandywine Hundred
  • Number of Units120
  • Lot Size3.35 acres
  • Price/Unit$ 95,000
  • Price/Bedroom-
  • Year Built1975

Investment Highlights

  • Unrivaled Accessibility: Within Minutes of Governor Printz Boulevard and I-495; 10 Minutes from Downtown Wilmington
  • Large Floor Plans: Two-Bedroom Units Average 1,100 SF
  • Exceptional Unit Mix: 50% of Units have Two Bedrooms
  • Excellent Amenities: Elevators, Trash Chutes, Unit Balconies and Swimming Pool
  • Construction: Concrete-Slab Floors and Concrete Block in Between Units Vertically

Investment Overview
On behalf of ownership, Rittenhouse Realty Advisors is pleased to exclusively present the opportunity to acquire the fee simple interest in Las Casas Apartments, a 120-unit, mid-rise building conveniently located within 10 minutes of Downtown Wilmington, 45 minutes to Downtown Philadelphia, and 90 minutes to Baltimore. Nestled in a wooded area, the property features close proximity to restaurants, shopping and other forms of entertainment of Wilmington and the surrounding area.

Built in 1975, the two, five-story buildings are situated on 3.35± acres comprising of 120 apartments: 6 studios (5%), 16 one-bedroom junior units (13%), 38 one-bedroom units (32%) (two of which are operating as shops for maintenance), and 60 two-bedroom units (50%). Property amenities include secured building access with elevators for tenant use in addition to washer and dryers on each floor. Trash chutes are located conveniently on each floor. Las Casas also has a swimming pool for tenants to enjoy during seasonal months.

Strategically located within minutes of Route 13 (Governor Printz Boulevard) and Interstate-495, this location allows for easy access to Downtown Wilmington, and a quick 45-minute ride to Philadelphia. This dynamic locale acts as a retreat for the city’s most popular, high-traffic neighborhoods as well as numerous employers including the DuPont Company, Bank of America, JP Morgan Chase & Co, and Blue Cross Blue Shield.

Las Casas Apartments presents an extremely rare opportunity to purchase a true “value-add” opportunity, situated in an ideal location just minutes from the bustling Wilmington business district. With some simple improvements to the units and common areas, a new buyer could increase rents up to 15%. Additionally, the property owner is paying all utilities offering further opportunity by sub or separately metering utilities back to tenants.

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NOTE: Outside Brokers must complete this Cooperating Broker Agreement and return via email to info@rittenhouserealty.com or fax to 267-324-3394.

Brokers

Corey Lonberger
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
corey@rittenhouserealty.com

Mark A. Duszak
Tel: (215) 454-2852 EXT 1003
Cell: (215) 805-5011
License: PA RS277420 / DE RS0022768
mark@rittenhouserealty.com

Domenic Peronti
Delaware Broker of Record
102 Larch Circle, Suite 102
Newport, DE 19804
Tel: 302-994-3907
License: DE RB0020193
dperonti@ipsde.com

Ken Wellar
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / DE RS0024368
ken@rittenhouserealty.com

Robert DiPasquale
Tel: (215) 454-2852 EXT 1016
Cell: (267) 222-2153
License: PA RS325260 / DE RS0024185
mark@rittenhouserealty.com



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