DLP Real Estate Enters West Virginia with $43M Buy

Colliers International assisted the company in its first multifamily acquisition in the state.
Wexford Village at Devonshire Apartments. Image via Google Street View

DLP Real Estate Capital has acquired Wexford Village at Devonshire Apartments, a Class A, 340-unit community in Scott Depot, W.Va., for $43 million. Cathcart Group sold the asset, according to public records. Colliers International assisted the buyer in the transaction, which represents its first purchase in the state.

Located at 98 Devonshire Drive on nearly 11 acres, the 14-building property first opened its doors in 2008 and later expanded in 2016. The community provides one-, two- and three-bedroom floorplans. Amenities include a swimming pool, 24-hour gym, movie theater, tennis court and a dog park.

The property is situated in Putnam County, close to Interstate 64 and State Route 35, roughly 19 miles northwest of Charleston. Several shopping and dining options are available within a 3-mile radius. In addition to that, a $1.4 billion Toyota manufacturing plant is situated some 15 miles away from the community. The school district includes three national Blue Ribbon schools and 16 West Virginia Schools of Excellence.

Colliers Senior Vice President Charles Wentworth facilitated the sale on behalf of the new owner.