HFF Closes $20M Sale of Delaware Portfolio

The adjacent Alder Park and Pine Grove apartment communities in Dover, Del., are located roughly 83 miles from central Philadelphia and comprise a total of 311 units.

Alder Park in Dover, Del.
Alder Park in Dover, Del.

Dover Investors LP, an affiliate of Anderson Vedic, has sold two adjacent residential properties in suburban Dover, Del., to a regional private entity for $20 million. An HFF investment advisory team along with a local broker arranged the deal on behalf of the seller.

Located in Rodney Village, the portfolio comprises Alder Park Apartments and Pine Grove Apartments. The two assets, roughly 95 percent occupied overall, are situated directly off Route 13 (DuPont Highway), which connects Norfolk to Wilmington and Philadelphia.

Pine Grove in Dover, Del.
Pine Grove in Dover, Del.

Alder Park is located at 51 Webbs Lane and features 215 apartments, with an average of 639 square feet. Pine Grove is situated at 255 Webbs Lane and comprises 96 units averaging 945 square feet. The neighboring pet-friendly communities share several amenities, such as:

  • swimming pool
  • clubhouse
  • fitness center
  • barbecue area
  • laundry facilities
  • on-site public transit access

The team of brokers included HFF’s Senior Director Carl Fiebig, Senior Managing Director Mark Thomson and Director Francis Coyne along with Robert Stella of Financial & Consulting Services Inc. Last September, the same HFF team arranged the sale of another Delaware apartment community, the 302-unit Brandywine Hundred.

Images courtesy of HFF