DEAL OF THE DAY: Rental Community in Delaware Sold for $17.25M
- May 22, 2008
By Anuradha Kher, Online News EditorNew Castle, Del.–Evergreen Realty Inc. of Newport, Del. recently arranged the sale of Hampton Walk Apartments, a 370-unit community located in New Castle, Del., for $17.25 million.Fannie Mae provided financing for the property, owned by Atlanta-based Miles Properties Inc. Key Bank serviced the loan.Hampton Walk Apartments features 94 building structures and is built on 16.65 acres with 264,200 sq. ft. of rentable space. The property consists of a mix of one- and two-bedroom apartments, with rents for one-bedroom units starting at $640 and for two-bedroom units starting at $740. The building has occupancy of 85 percent.The community is located off Route 13, half way between Philadelphia and Baltimore. Hampton Walk is built over an infill area near numerous retail and office destinations. Evergreen Realty plans to continue and complete the extensive renovation project that was initiated by the previous owners. The renovations will focus on interior unit remodeling including replacements of kitchens and bathrooms. The common areas, building structures, and grounds will also benefit from extensive renovations. Del-Star Construction, a subsidiary of Evergreen Realty, will execute a majority of renovations.