(Read more on the multifamily market.)

WILMINGTON, DE-Scarborough Park Apartments, a 156-unit multifamily property, has traded hands for $11.2 million. The 131 Scarborough Park Dr. complex went for $71,795 per unit to Trinity Capital of Blue Bell, PA.

Mark Thomson, an associate in the Philadelphia office of Marcus & Millichap Real Estate Investment Services, represented the seller, Frank Acierno, a major property owner in the state. Tom Gorman, an investment specialist in the firm’s Philadelphia office, and Matt Gorman, an associate also in the firm’s Philadelphia office, represented the buyer.

The 129,626-sf complex is situated on an 8.9-acre lot. Occupancy is approximately 90%.

According to Thomson, Acierno had tried to market the property to local investors without success. A national campaign, though, generated 40 tours of the property and the receipt of nearly a dozen offers.

Trinity Capital acquired the property because it is seeking to build out its portfolio in the Delaware market. “The group plans to renovate the units and the exterior of the buildings in order to fully stabilize the asset,” Thomson says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.