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|Number of units||156|
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.
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.