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🔒 🔒 N.J. firm buys Pike Creek apartments for $73M

Jacob Owens April 22, 2022

NEWARK – A New Jersey-based real estate investment firm recently acquired the Foxwood Apartments for $73.6 million, marking one of the state’s largest multifamily sales of the last decade, according […]

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Oakmark Management recently acquired the Foxwood apartments in Pike Creek for one of the largest sums in recent years. | DBT PHOTO BY JACOB OWENS[/caption] NEWARK – A New Jersey-based real estate investment firm recently acquired the Foxwood Apartments for $73.6 million, marking one of the state's largest multifamily sales of the last decade, according to county land records. It is the third multifamily investment in Delaware for Oakmark Management, based in Lakewood, N.J., in the past year. In October and November last year, the firm acquired the Christiana Pointe and Crossings at Limestone apartments in the Stanton area for nearly $28 million combined. On Feb. 24, it made its biggest investment to date in buying the 414-unit Foxwood complex off Old Coach Road north of Kirkwood Highway from New York-based investment firm Aulder Capital. Although the total sale would break into the Top 5 largest Delaware commercial real estate sales of the past decade, it would be comparably smaller than some other recent deals on a per unit basis. The $73.6 million sale translates to nearly $178,000 per unit. The 54-year-old complex featured one- or two-bedroom units, though it appears from marketing material that it will soon begin to offer three-bedroom units as well. Monthly rates are not publicly advertised online. Oakmark has not responded to requests for comment about what has attracted its investments in the market, which now total more than $100 million. It is the second New Jersey firm to surpass the nine-digit investment here since the pandemic began, after Montium did the same last year. The $73.6 million sale represents a 65% return on Aulder’s initial investment, having acquired it for $44.5 million in 2017 from San Diego-based firm Fairfield Residential. The multifamily market has been one of the hottest parts of Delaware’s commercial real estate market over the last year, with more than half of last year’s Top 10 sales coming from such properties. This year hasn’t seen a decline in interest, as EQT Exeter, a newly merged global real estate investment firm has closed on the Christina Mill apartment complex near the University of Delaware campus for $49 million, potentially setting a new record for a sale on a per unit basis in the state of about $215,000.

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