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🔒 🔒 N.J. firm buys Wilmington apartment complex for $22M

Jacob Owens April 7, 2022

WILMINGTON – Shortly after divesting all of its holdings in Delaware last year, a New Jersey-based real estate investment firm has acquired a Wilmington apartment complex for $22.24 million, according […]

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The Pebble Hill apartments in Wilmington marked a return to market for Concordia Properties. | DBT PHOTO BY JACOB OWENS[/caption] WILMINGTON – Shortly after divesting all of its holdings in Delaware last year, a New Jersey-based real estate investment firm has acquired a Wilmington apartment complex for $22.24 million, according to county land records. Concordia Properties, based in Lakewood, N.J., acquired the 143-unit complex located at 3400 Miller Road in Northwest Wilmington in February from California-based firm Canyon Partners, according to county land records. In August, a Concordia-led joint venture sold the 362-unit Spring Crossings Apartments in Glasgow for $56 million, marking the state’s biggest multifamily sale of last year. It also sold the Christiana Pointe Apartments in Stanton for $8 million in November. When asked about its decision to sell its Delaware assets last 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 in December. The 51-year-old Pebble Hill complex features one- and two-bedroom units at a current rent of $ $1,150 to $1,485 a month, according to online listings. The sale translates to an acquisition price of more than $155,500 per unit. The $22.2 million sale represents a more than 55% return on Concordia’s initial investment, having acquired Pebble Hill from Pennsylvania-based firm Eastern Property Group for $14.2 million in 2019. 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. Delaware has also increasingly seen interest from out-of-state investors, including New Jersey-based firm Montium, which has invested over $100 million in First State multifamily properties since December 2019. Another New Jersey firm, The Portopiccolo Group, acquired the Clayton Court apartments in Wilmington and Cheltenham Village apartments in Bear for a combined $26 million in a late December sale.

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