The transaction adds 370 units to Evergreen Realty's portfolio, which it plans to rehab, MacLaren says in a prepared statement. Evergreen "plans to continue to add value to the asset by moving forward with the extensive repositioning plan, which the seller had begun," he says. "The capital improvements will include renovations to the kitchens, bathrooms and common areas."
Marcus & Millichap did not return calls in time for deadline. The 264,200-sf community is located at 1627 New Jersey Ave. on a nearly 16.7-acre lot, just off Dupont Highway.
There are 133 one-bedroom/one-bath units and 237 two-bedroom/one-bath units. Recent renovations include new kitchens in approximately one-third of the units, new fencing around the leasing office and new shutters on all first-floor windows. Amenities include ample parking and on-site laundry facilities.
Recent trades include last year's acquisition of the 301-unit Brandywine Hundred Apartments in Wilmington by Korman Residential Suites. The half vacant property traded for $99,668 per unit, or $30 million. Frank Acierno was the seller.
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