[caption id="attachment_218678" align="aligncenter" width="1200"] The Christiana Pointe Apartments have changed hands after only about a year, but yielding a more than 70% higher sale price. | DBT PHOTO BY JACOB OWENS[/caption]
STANTON – A New Jersey-based real estate investment firm recently sold the Christiana Pointe Apartments for $8 million, and therefore divesting all of its assets in the First State.Concordia Properties, based in Lakewood, N.J., sold the 56-unit complex located at 2020 W. Newport Pike in November to a subsidiary of another New Jersey-based firm, Oakmark Management, according to county land records.It’s the second significant transaction for both firms in Delaware in the last few months, with Concordia leaving the state and Oakmark making additional investments here.In August, a Concordia-led venture sold the 362-unit Spring Crossings Apartments in Glasgow for $56 million, marking the state’s biggest multifamily sale of the year. Meanwhile, Oakmark acquired the 136-unit Crossings at Limestone apartment complex in Stanton for $19.75 million in October.When asked about its decision to sell its Delaware assets this year, a Concordia representative said it was simply reinvesting its profits elsewhere.“With the completion of our successful value-add program, it was time for new owners to recapitalize the assets,” Concordia manager Sara Azar told Delaware Business Times.The 50-year-old complex formerly known as Christiana Court features all two-bedroom apartments at a current rate of $1,100 a month, according to online listings. The sale translates to an acquisition price of just under $143,000 per unit.The $8 million sale represents a 72% return on Concordia’s initial investment, having acquired the then-Christiana Court Apartments from local property owner James Fulghum for $4.65 million just about a year ago in October 2020. The complex has since undergone a rebranding with some cosmetic changes.The multifamily market has been fairly active in New Castle County this year, with several properties fetching significant sums.While the Spring Crossings sale remains the largest this year, Yellowstone Property Group, of New York, acquired the Edge at Greentree apartments in Claymont for $51.5 million in June, while Montium, a New Jersey-based firm, bought the Iron Hill Apartments in Glasgow for $32.1 million in October. In April, New York-based Dwight City Group closed a $14 million acquisition of Morningstar Property Group’s portfolio of 44 Wilmington-area properties totaling 204 multifamily units.Starting the year off in January, Wright Multifamily, a real estate investment firm based in Springfield, Pa., acquired the Cynwyd Club Apartments complex in Pike Creek for about $10 million, while the Delaware College of Art and Design (DCAD) sold its neighboring residence hall for $3.3 million to New Jersey-based firm Yada Properties, which is converting it into a market-rate apartment building.
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