NEWARK, DE—Lowe Enterprises Investors hasacquired the 228-unit garden-style Christina MillApartments here on behalf of an investment client.Korman Residential was the seller. Built in 1992,the 25-building complex is located at 100 Christina Mill Dr. in theNew Castle area, spread out over 18.5 acres.The property traded foran undisclosed price.
Bleecker P. Seaman, co-CEO of Lowe EnterprisesInvestors, says the company plans to make several improvements tothe property, including upgrading the units and modernizingresident amenities. Already some 10% of the apartment units havebeen renovated.
Christina Mill is located next to the University of Delaware andone mile from the University's new Science, Technology and ResearchCampus currently under development. When work on that projectfinishes, there will be 1,500 new jobs for engineers and otherprofessionals—employees that the apartment community hopes toattract.
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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.
