Multi-Housing

The Reserve at Mill Creek & The Crossings at Limestone

Wilmington, DE United States
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Building Area
Number of units 156

Property Description

Jones Lang LaSalle Americas, Inc. is pleased to present the opportunity to acquire The Reserve at Mill Creek (156 Units) and The Crossings at Limestone (136 Units)  a 292-unit, value-add, multi-housing portfolio of scale situated less than five miles apart in Wilmington, Delaware.

Investment Highlights

Value-Add Opportunity

As currently positioned, ownership has renovated 21% of the 292 units, 8% of Mill Creek (12 units), and 38% of Limestone (51 units), setting the stage for an investor to evaluate and modify the current program which is achieving upwards of $150 rental premiums. In addition to unit renovations, further opportunity exists to capture significant savings in the Properties water and sewer expense which is more than 50% higher than comparables.


Dynamic Wilmington Location

The Reserve at Mill Creek is situated along the highly visible DuPont Road, adjacent to Canby Park, just three miles from downtown Wilmington. The Crossings at Limestone is located at the intersection of Route 7 and Kirkwood Highway, just four miles from the Christiana Hospital, Christiana Town Center, and Christiana Mall, affording residents convenient shopping and employment opportunities in addition to downtown Wilmington. 


Minimal Real Estate Tax Risk

The Properties are strategically located in New Castle County, benefiting from Delaware’s advantageous tax climate. As a result, real estate tax reassessment risk is comparatively low due to the Delaware school districts not appealing assessments upon sale, providing certainty in future cash flow projections for investors.

Last Updated Date: 04 Feb 2021
Carl Fiebig
Carl Fiebig
Managing Director, Capital Markets
License details
PA - RS320618 MD - 5000439
Mark Thomson
Mark Thomson
Senior Managing Director, Philadelphia Office Co-Head
License details
DE-RS0019034 MD-5000570 PA-RS292417

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Last Updated Date: 04 Feb 2021

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