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N.J. firm buys Stanton apartments for $19M

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The Crossings at Limestone apartment complex off Route 7 in Stanton sold in October for $19.75 million. | DBT PHOTO BY JACOB OWENS

STANTON – The hot streak of multifamily deals in Delaware continued last month as the Crossings at Limestone apartment complex traded for $19.75 million, according to county land records.

A subsidiary of Drexel Hill Holdings, an affiliate of New Jersey-based Oakmark Management, bought the 136-unit complex from New Jersey-based Olive Tree Management on Oct. 6. The deal comes three years after Olive Tree acquired the complex from Sterling Bridge Investment Partners for more than $11 million.

The latest deal translates to a per unit cost of more than $145,000, up about $60,000 from three years ago, showing the growing values of multifamily investments over the past year, especially in New Castle County.

The Crossings at Limestone, renamed from Limestone Terrace Apartments last year, features one-, two- and three-bedroom units, with a two-bedroom unit currently listed for $1,225 a month, according to online listings. The 60-year-old complex near the intersection of Route 7 and Kirkwood Highway underwent some renovations under Sterling Bridge’s ownership.

Neither Oakmark nor Olive Tree immediately responded to a request for comment on the October sale.

With steadily improving market conditions nationwide, multifamily investment volume is expected to increase year-over-year in 2021, according to mortgage loan company Fannie Mae. U.S. multifamily investment volume is predicted to reach about $160 billion this year, lower than 2019’s record level of $192 billion but a 44% gain over the 2020 estimate of $111 billion, it reported.

In the First State, multifamily sale values have been rising.

In August, a New Jersey real estate investment firm bought the Spring Crossings apartments in Glasgow for $56 million, marking the biggest multifamily sale of the year.

The previous annual high sale was set in July, when a New York firm acquired the 286-unit Edge at Greentree apartments in Claymont in a $51.5 million deal.Β 

In October, a New Jersey firm bought the 234-unit Iron Hill Apartments near Newark for $32.1 million while in December 2020, a New Jersey firm acquired the 120-unit Garrison apartment complex in New Castle for $30.6 million.

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