CAPREIT Acquires Delaware Community
- Nov 11, 2019
Alden Torch Financial has sold The Vinings at Christiana, a 220-unit partially affordable housing property in Newark, Del. Greysteel President Ari Firoozabadi and Director Henry Mathies from the firm’s Washington, D.C., office represented the seller and procured the buyer.
CAPREIT, the asset’s property manager, acquired the Class B property for $24.7 million. According to Yardi Matrix data, the deal marks the seller’s exit from the suburban Philadelphia market.
Located at 200 Vinings Way, The Vinings at Christiana provides easy access to the Delaware Turnpike and Christina River. Built in 2001 under the Section 42 low-income housing tax credit program, the 10-building community consists of one-, two- and three-bedroom units averaging 938 square feet. Amenities include a business center, fitness center and a swimming pool.
The Vinings at Christiana includes 125 units for tenants who earn 60 percent or less of the area’s median income. The remaining 95 apartments are for residents with all income levels. Additionally, 117 units receive rental subsidies from the Newark Housing Authority, which allow certain apartments to exceed Section 42 rent restrictions.
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