(Read more on the multifamily market.)
WILMINGTON, DE-Scarborough Park Apartments, a 156-unit multifamily property, has traded hands for $11.2 million. The 131 Scarborough Park Dr. complex went for $71,795 per unit to Trinity Capital of Blue Bell, PA.
Mark Thomson, an associate in the Philadelphia office of Marcus & Millichap Real Estate Investment Services, represented the seller, Frank Acierno, a major property owner in the state. Tom Gorman, an investment specialist in the firm's Philadelphia office, and Matt Gorman, an associate also in the firm's Philadelphia office, represented the buyer.
The 129,626-sf complex is situated on an 8.9-acre lot. Occupancy is approximately 90%.
According to Thomson, Acierno had tried to market the property to local investors without success. A national campaign, though, generated 40 tours of the property and the receipt of nearly a dozen offers.
Trinity Capital acquired the property because it is seeking to build out its portfolio in the Delaware market. "The group plans to renovate the units and the exterior of the buildings in order to fully stabilize the asset," Thomson says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
