DOVER, DE-Dover’s multifamily market may be a desirable one with high barriers to entry but in the last 24 months it has also been a low velocity one as well, transaction-wise. That, hopefully, may change with the recent trade of Eagle Meadows, a 298-unit, 352,202-square foot property here, to Morgan Management.
The asset traded for $23.1 million, or $77,785 per unit, Victor Nolletti, a senior director with Marcus & Millichap’s Institutional Property Advisors tells GlobeSt.com in an exclusive interview. Also, he adds “this was a very unique assets with all two- and four-bedroom units.” Nolletti and colleagues Steve Witten, Michael Early and Mark Thomson represented the seller, Eagle Meadows LLC, based in Delaware. Nolletti, Early and Witten represented the buyer, Morgan Management, a large apartment operator in New York.
The property also recently received more than $4 million in renovations, including new HVAC panels, roofs, electrical panels and interior renovations to more than one-third of the units. Located at 4666 Carolina Ave., Eagle Meadows is comprised of 149 detached duplexes on 76 acres.
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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.
