RRA Sells 153 Apartments in Value-Add deal in Wilmington, DE for $4,150,000
PHILADELPHIA, PA, December 11, 2014 – Rittenhouse Realty Advisors is pleased to announce the sale of the Woods Edge Apartments in Edgemoor, DE, a suburb of Wilmington that is situated right off of I-495. The property is comprised of 11, three-story buildings spread over 7.75 acres. There are 153 total units, with an excellent mix of one, two and three bedroom apartments or townhomes.
The apartments were 87% vacant at the time of sale, creating a perfect opportunity for a complete renovation of the asset. “The property was purchased by Woods Edge Apartments LP, a limited partnership led by real estate investor Philip Balderston, who will be putting in over $3,000,000 in capital improvements,” stated Ken Wellar, Managing Partner of RRA.
Mark Duszak, Director of RRA, added, “This is RRA’s third value-add deal we have closed this year in Delaware. The demand for these opportunities remains high.”
The property is convenient to Routes 3 and 13, as well as Interstate-495. It is a ten minute drive to downtown Wilmington and a thirty minute drive to Philadelphia, PA. Corey Lonberger, Managing Partner of RRA, noted, “Given its close proximity to two major employment centers, as well as the amenities of suburban Wilmington, when renovations are complete this property should achieve full occupancy very quickly.”
Domenick Peronti (License No. RB0020193) is the DE Broker of Record for Rittenhouse Realty Advisors.
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