Oakmark Management Archives

Commercial Real Estate, Economic Development, Insider Only, New Castle County, News, Residential Real Estate

🔒 🔒 N.J. firm buys Edgemoor apartments for $21M

Jacob Owens May 9, 2023

Oakmark Management, a fast-growing firm from New Jersey, acquired the 153-unit Lighthouse Hills Apartments from Odin Properties.

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Commercial Real Estate, Insider Only, New Castle County, News, Residential Real Estate

🔒 🔒 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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Commercial Real Estate, Insider Only, New Castle County, News, Residential Real Estate

🔒 🔒 N.J. firm buys Stanton apartments for $8M

Jacob Owens December 27, 2021

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 […]

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Commercial Real Estate, Insider Only, New Castle County, News, Residential Real Estate

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

Jacob Owens November 17, 2021

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 […]

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[caption id="attachment_231171" align="aligncenter" width="1200"] Lighthouse Hills Apartments Edgemoor Woods Edge Odin Properties Oakmark Management

The sale of Lighthouse Hill Apartments in Edgemoor is the year’s largest commercial deal in Delaware so far. | DBT PHOTO BY JACOB OWENS[/caption] EDGEMOOR – A fast-growing real estate investment and management firm based in New Jersey added to its portfolio late last month, buying an apartment complex off Governor Printz Boulevard for almost $21.5 million. Oakmark Management, based in Lakewood, N.J. acquired the 153-unit Lighthouse Hill Apartments on April 26 from Odin Properties, a Philadelphia-based real estate investment firm led by Philip Balderston. It marks the year’s largest commercial real estate sale in Delaware to date. Oakmark has quickly made a presence in northern Delaware, crossing the $100 million investment level here last year after acquiring the 414-unit Foxwood Apartments near Newark, the 56-unit Christiana Pointe Apartments near Wilmington and the 136-unit Crossings at Limestone apartments in the Stanton area. The acquisition of Lighthouse Hill represents a sale-to-sale return on investment of more than 400%, as Odin acquired the then-Woods Edge Apartments for just over $4.1 million in 2014. The sale translates to a per unit cost of more than $140,000. Lighthouse Hill includes 11, three-story buildings spread over 7.75 acres. The complex features one-, two- and three-bedroom apartments or townhomes, with monthly rents ranging from $1,424 to $2,138, according to online listings. Odin reportedly planned to invest $3 million into renovations upon its acquisition in 2014. The multifamily market continues to be 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. The rising values of homes in the state have only made apartments more valuable as those unable to afford properties seek rentals. While the acquisitions targets for multi-family have been cheaper than 2022 when values routinely stretched past $30 million, three of the eight sales of at least $10 million so far this year have come in the asset class, including the sales of The Saville in Wilmington and Colonial Village near New Castle. Notably, the cost of borrowing has risen steadily over the last year, as the Federal Reserve has tried to tame runaway inflation, moving the core interest rate from less than 1% to more than 5%. Banks have also become more selective with their lending amid the current environment, further stemming the number of deals being completed today.

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