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RRA Sells 120 Units In Wilmington, Delaware For A Total Of $10,300,000

by RRA on March 27, 2018
RRA Sells 120 Units In Wilmington, Delaware For A Total Of $10,300,000

PHILADELPHIA, PA–(03/27/18) –  Rittenhouse Realty Advisors is pleased to announce the sale of Las Casas Apartments, located at 7 Colony Boulevard in Wilmington, Delaware. The property includes two mid-rise buildings featuring a total of 120 apartments with a mix of studio, one-bedroom, and two-bedroom units.  The property has excellent amenities, including elevators, trash chutes, balconies, and a swimming pool.

Las Casas Apartments is located just minutes from downtown Wilmington with convenient accessibility to Philadelphia, Baltimore, and Atlantic City.  It offers a great value-add opportunity as it is situated in a bustling business district with many major employers, including  DuPont Company, Bank of America, JP Morgan Chase, and Blue Cross Blue Shield.

“RRA has sold three apartment buildings totaling 515 units for this particular client,” stated Ken Wellar, Managing Partner at RRA, “All three complexes were major value-add opportunities.”

Corey Lonberger, Managing Partner, added: “The property was purchased by a group out of the New York/ Northern New Jersey market. We have seen buyers from these markets be extremely aggressive in the Philadelphia and Wilmington markets over the last few years.”

Wilmington’s housing stock is made of up a variety of Victorian townhouses, high-rise residential buildings, and single-family dwellings.  Las Casas is located in a forested area just minutes from the amenities and nightlife of the city. “Las Casas offered investors a perfect value-add opportunity with its large units and outstanding unit mix with 50% two-bedroom apartments, coupled with the fact that it is located only 10 minutes from downtown Wilmington,” said Mark Duszak, Director at RRA.

This multi-unit property was an opportunity to invest in Delaware, which is experiencing all around phenomenal growth, and the state’s largest city of Wilmington. RRA’s Delaware Broker of Record, Domenick Peronti ( telephone: (302) 994-3907) assisted with the transaction.