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$17M Takes New Castle Multifamily

NEW CASTLE, DE-Evergreen Realty plans to continue to the repositioning of the apartment building that the owner began.

By Erika Morphy | Updated on June 13, 2008

NEW CASTLE, DE-A 94-building multifamily property here has traded for $17.3 million, or $46,622 per unit. Donald MacLaren, a vice president of investments and director of Marcus & Millichap’s National multihousing group in Philadelphia, and Clark Talone, a multifamily investment specialist in the firm’s Philadelphia office, represented the seller of the property, MPI Hampton Walk LLC. Evergreen Realty acquired the property, which is called Hampton Walk.

The transaction adds 370 units to Evergreen Realty’s portfolio, which it plans to rehab, MacLaren says in a prepared statement. Evergreen “plans to continue to add value to the asset by moving forward with the extensive repositioning plan, which the seller had begun,” he says. “The capital improvements will include renovations to the kitchens, bathrooms and common areas.”

Marcus & Millichap did not return calls in time for deadline. The 264,200-sf community is located at 1627 New Jersey Ave. on a nearly 16.7-acre lot, just off Dupont Highway.

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