Wilmington Community Changes Hands in $7M Deal

River Commons Apartments received financing from Fannie Mae, while the Delaware State Housing Authority provided an additional subordinate debt loan.
River Commons Apartments. Image courtesy of Marcus and Millichap

Evergreen Apartment Group purchased River Commons Apartments, an Extended Phase LIHTC community in downtown Wilmington, Del. The 116-unit property traded for $7 million. Fannie Mae provided the acquisition financing, KeyBank serviced the loan and AMA Financial brokered the mortgage. The financing package included a subordinate debt financed by the Delaware State Housing Authority.

Located at 200 N. Poplar St., the property sits right across the Wilmington waterfront. Neighborhood amenities include shopping centers, restaurants,  banks and theaters. Delaware Technical Community College and the Delaware College of Art and Design are within walking distance. Additionally, Wilmington Amtrak Train Station is two blocks away.

The community was completely rebuilt in 2004 and features two- and three-bedroom units. Amenities include private entrances, porches and balconies, walk-in closets, individually controlled central air/heat, washers/dryers and a community clubhouse.

Marcus & Millichap’s Andrew Townsend brokered the sale of the property, which is Evergreen Apartment Group’s first LIHTC community. Earlier this month, the brokerage company arranged the sale of a vintage residential building in Hurst, Texas.