LEI Acquires 228-unit Community in Newark, Del.
- Jul 09, 2014
Newark, Del.—Lowe Enterprises Investors (LEI), on behalf of an investment client, has announced that it has purchased the 18.5-acre, 228-unit Christina Mill Apartments in Newark, Del., from Korman Residential for an undisclosed price.
About 10 percent of the property’s units were recently upgraded and the new owner intends to continue an approximately $1.5 million renovation effort to the rest of the units and other common areas.
“Christina Mill is a well located property in a strong, expanding market,” says Bleecker P. Seaman, co-CEO of Lowe Enterprises Investors. “We will implement a program of property improvements that includes upgrading all of the units and refreshing and modernizing the resident amenities.”
Renovations in the individual units include complete remodeling of the kitchens and bathrooms, as well as the addition of new flooring, light fixtures and window treatments. The clubhouse will be completely remodeled and will include a new fitness center and business center. Units are available in one- and two-bedroom floor plans and each residence includes an in-unit washer and dryer.
The property’s other existing amenities include a swimming pool with sundeck, a lighted tennis court, an off-leash dog park, community garden and a bike share program.
The area’s job growth, driven largely by the neighboring University of Delaware and its new Science, Technology and Research Campus, was attractive to LEI when it was looking into the property. The research campus is expected to bring 1,500 new jobs to the area.
LEI’s John Gaghan led the acquisition team and JLL’s Erin Miller represented Korman Residential. Financing was secured by Berkadia and Greystar was tapped as the property manager for Christina Mill.