The Ingerman Group Sells Delaware Affordable Asset

The company cashed in almost $20 million for the 132-unit property in Dover.
The Willows at Dover. Image courtesy of Greysteel

The Ingerman Group has sold The Willows at Dover, a 132-unit affordable housing community in Dover, Del. An affiliate of BLDG Partners paid $19.6 million for the Section 8 asset. Greysteel negotiated on behalf of the seller and procured the buyer.

Located at 416 Sussex Ave., The Willows at Dover came online in 1976. The community comprises two- and three-bedroom townhomes with modern kitchens, hardwood floors and patios. Amenities include a community lounge, a playground and laundry facilities. In 2009, the property underwent a comprehensive rehabilitation program financed with low-income housing tax credits.

The property is less than 1 mile southeast of the city center, just west of Dupont Highway. The surrounding area has numerous shopping and dining options, with Edgehill Shopping Center 1 mile north.

Greysteel Director Henry Mathies and Senior Associate Fletcher Hultman brokered the transaction. In July, the duo arranged the sale of an 80-unit affordable community in Richmond, Va.