Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW CASTLE, DE-A 94-building multifamily property here has traded for $17.3 million, or $46,622 per unit. Donald MacLaren, a vice president of investments and director of Marcus & Millichap’s National multihousing group in Philadelphia, and Clark Talone, a multifamily investment specialist in the firm’s Philadelphia office, represented the seller of the property, MPI Hampton Walk LLC. Evergreen Realty acquired the property, which is called Hampton Walk.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.