HFF closes sale of high-rise multi-housing property in Wilmington, DE

Mark Thomson

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 1303 Delaware Apartment Homes (“1303 Delaware”), a 231-unit, high-rise multi-housing property in the Trolley Square neighborhood of Wilmington, Delaware.

HFF marketed the asset on behalf of the seller, Merion Realty Partners.  Capano Residential purchased the offering free and clear of debt.  Additionally, HFF worked on behalf of the new owner to secure a fixed-rate Fannie Mae acquisition loan.

1303 Delaware consists of studio, one-, two- and three-bedroom apartment homes averaging 928 square feet offering panoramic views of historic Trolley Square, which is one of Wilmington’s most sought-after neighborhoods. 

The property benefits from walkability to a variety of amenities in the surrounding area as well as accessibility to major roadways throughout the highly trafficked Delaware Avenue corridor, including Interstate 95 (0.25 miles) and Route 202 (1.5 miles). 

1303 Delaware is also less than two miles from the Wilmington Amtrak station, offering rail transportation throughout Philadelphia and the Northeast.  Community amenities include a fitness center, business center and garage parking.

Carl Fiebig

The HFF investment sales team representing the seller was led by senior managing director Mark Thomson and directors Carl Fiebig and Francis Coyne.

HFF’s debt placement team was led by managing director James Conley.

“This was a great opportunity for investors to acquire a property in one of the best locations in the state with a proven value-add component,” Thomson said.  “The sellers recently renovated 84 of the 231 units and invested more than $2 million in building systems improvements. 

“The capital spent on building improvements provides the new buyer a great opportunity to focus on updating the remaining 141 unrenovated units, which still have original kitchens and bathrooms.”

 “All of these factors combined to create significant interest in the property,” Fiebig added.  “Many of the groups attracted to this offering were looking to acquire in Delaware for the first time and were drawn to the strength of the submarket, property and proven value-add story.”

 For more information on this news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com