RRA/ GREA SELLS 201 UNITS IN WILMINGTON, DE FOR $27,400,000
PHILADELPHIA, PA–(5/19/22) – Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of 201 apartments in Wilmington, Delaware. The firm sold 2509 Baynard Blvd and 312 West 8th Street totaling 40 units and Cranston Hall: 3314 Capitol Trail, totaling 161 units. The properties offer tenants on-site parking, access to public transportation within walking distance, as well as easy access to major highways I-95 and Route 202.
Bob DiPasquale, Vice President at RRA/GREA, stated: “In a market with growing uncertainty, we were very excited to assist a long-term owner with the disposition of their family asset. We were able to maximize their property’s value while cultivating a smooth sales process from start to finish.”
The properties were sold to two separate buyers out of the Northern NJ/NYC markets. Northern Delaware continues to see an influx of regional buyers from the New York and North Jersey markets. “This trend has created a surge in historically high pricing that has really incentivized long term local owners to capitalize on the exorbitant amount of equity looking to be dispersed into the market,” DiPasquale noted.
“Looking to the future and how the market continues to change with rising interest rates, a stable and consistent market such as Northern Delaware would be an ideal location for continued growth due to its desirability in corporate tax incentives and proximity to employers in major metropolitan markets such as Philadelphia, New York, and Washington D.C.,” added Corey Lonberger, Managing Partner at RRA/GREA.