RRA Sells 320 Units in Suburban Wilmington, DE Totaling $13.8 MILLION
PHILADELPHIA, PA, September 2, 2014 – Rittenhouse Realty Advisors is pleased to announce the sale of the Lancaster Court Apartments in suburban Wilmington, Delaware. The property, which is located on Lancaster Pike, includes 320 units which were owned in an HOA with 24 different selling entities. The buyer, Berger Rental Communities out of Wayne PA, plans major renovations to both the interior and exterior of the property.
“Getting twenty-four different selling entities to agree on pricing and all show up for closing on the same day was a challenge,” stated Corey Lonberger of RRA. This is the second fractured condo/HOA deal that Rittenhouse Realty has completed in the last 12 months. “The sale of Lancaster Court is a perfect example of RRA’s capabilities in working through complex transactions. Deals like this are very difficult given the different ownership entities and various associations that have to be addressed during the due diligence time periods,” added Ken Wellar, also of RRA.
The new owner plans significant upgrades to the property, which is just a few miles from the area’s major employers such as DuPont and AstraZeneca as well as I-95. The buyer is planning to pull a good percentage of its tenants from these local employers. “We are excited to see the renovations and revitalization of the property come together as we have seen this buyer succeed in similar projects in different markets,” stated Mark Duszak of RRA. Based in Philadelphia with offices in Newport, DE and New York City, Rittenhouse Realty Advisors has closed 26 multi-family transactions representing more than 1,100 units with more than $95,000,000 in consideration year to date.