NEW CASTLE, DE, June 11, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale for Hampton Walk, a 370-unit multi-family community in New Castle, Del.
The sales price of $17.25 million represents $46,622 per unit.
Donald R. MacLaren, a vice president investments and director of Marcus & Millichap’s National Multi Housing Group in Philadelphia, and Clark Talone, a multi-family investment specialist in the firm’s Philadelphia office, represented the seller, MPI Hampton Walk LLC. The buyer was Evergreen Realty Inc.
“With the acquisition of Hampton Walk, the new owner has added 370 units to its portfolio within the stable Newcastle marketplace,” says MacLaren.
“The buyer plans to continue to
add value to the asset by moving forward with the extensive repositioning plan, which the seller had begun,” he adds. “The capital improvements will include renovations to the kitchens, bathrooms and common areas.” Located at 1627 New Jersey Ave., the 264,200-square foot multi-family community consists of 94 two-story buildings situated on a 16.65-acre lot, just off Dupont Highway.
Hampton Walk features 133 one-bedroom/one-bath units and 237 two-bedroom/one-bath units. Recent renovations include new kitchens in approximately one-third of the units, new fencing around the leasing office and new shutters on all first-floor windows. Amenities include ample parking and on-site laundry facilities.
Press Contact:
Stacey Corso, Communications Department, (925) 953-1716. SCorso@marcusmillichap.com
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