RRA SELLS 135 UNITS IN WILMINGTON, DELAWARE
Rittenhouse Realty Advisors is pleased to report the sale of 135 apartment units in Wilmington, Delaware. The properties sold include a 42-unit apartment community located at 1 Jill Court, known as Holly Oak Manor, a 15-unit building located at 822 N. Adams Street, as well as a 78-unit property located at 2600 N. Jefferson Street, known as the Jefferson Park/ Adams Street Apartments.
Situated just minutes from I-95, the properties offer easy access to major employment centers Downtown Wilmington and Philadelphia. The units were 100% occupied at the time of sale with very strong rent collections, especially considering the impact the COVID-19 pandemic has had on the U.S. economy.
During a time of uncertainty, RRA has been able to maintain a steady deal flow in the Wilmington market due to increased interest from investors the company works with from the New York and North Jersey markets.
Bob DiPasquale, a Senior Associate at RRA who worked on the transaction, stated: “With the buyer saturation and rent control legislation in New York and North Jersey, we are seeing Northern Delaware become a hot area for regional investors looking to deploy equity to more fruitful ventures.”
Corey Lonberger, Managing Partner at RRA, added: “These properties were purchased by well-qualified investors that we introduced to the Wilmington market. We are seeing more and more buyers flocking to the Wilmington market given the strong economic drivers in the area. This is allowing us to really push values for our clients.”
Delaware Broker of Record License: RB0020193