RRA SELLS 204 UNIT WILMINGTON, DELAWARE APARTMENT PORTFOLIO AT NORTH OF $14 MILLION
PHILADELPHIA, PA–(5/12/21) – Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of a 43 parcel, 204 unit multi-family portfolio in Wilmington, Delaware. The multi-site portfolio is situated within blocks of numerous new downtown developments and all properties are within walking distance to the Wilmington Business District. Historically the properties have had high occupancy and the portfolio performed well throughout the COVID-19 pandemic. The property traded at over $14 million.
Bob DiPasquale and Corey Lonberger of Rittenhouse Realty Advisors arranged the sale to a buyer that was new to the Delaware market.
Bob DiPasquale, Senior Associate, stated: “This portfolio was purchased by investors out of the New York City market that we introduced to the Wilmington area. The Northern Delaware market has been seeing a large influx of regional buyers being drawn to the area in search of better returns than they see in the NYC/Northern New Jersey MSA. This is driving values in Wilmington to all-time highs.”
Corey Lonberger, Managing Partner, added: “Given the complexity of the portfolio being situated across 43 separate parcels, we were able to persevere through the added complications of COVID-19. At the end of the day, we netted our clients the most value for their unique assets, while also providing a smooth and mutually beneficial transaction for all parties involved.”
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components. DE Broker of Record License Number:RB0020193