WILMINGTON, DE-Korman Residential Suites has acquired a 301-unit multifamily property here that it intends to reposition as a luxury building after it invests several million in capital improvements.
Korman acquired the property, called Brandywine Hundred Apartments, for $30 million or $99,668 per unit. Mark Thomson in the Philadelphia office of Marcus & Millichap, represented the seller, Frank Acierno, and the buyer.
Brandywine Hundred had been only 50% occupied, he explained, because the seller has focused more on retail acquisitions and development in recent years. One plus Korman saw in the asset was the property's location in one of the strongest submarkets in New Castle County.
Located at 400 Foulk Rd in a park-like setting, Brandywine Hundred is only a few minutes away from downtown Wilmington.
"The sales price of nearly $100,000 per unit for a property that is half occupied proves there is still a strong demand in this market for large assets in good locations with substantial upside potential," Thomson says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
