Lowe Enterprises Investors, Philadelphia, has acquired the 228-unit Christina Mill Apartments in Newark, Delaware, on behalf of an investment client. The complex had been owned by Korman. The sales price was not disclosed.
Built in 1992, the garden style apartment community, at 100 Christina Mill Drive on the south end of Newar, the complex consists of 25 separate apartment buildings.
The community is seeing competition from upscale projects targeting University of Delaware students. Students have been part of the mix at the community, although the complex does not have the usual student housing configuration. The apartments have also attracted other members of the UD community.
“Christina Mill is a well located property in a strong, expanding market. We will implement a program of property improvements that includes upgrading all of the units and refreshing and modernizing the resident amenities,” said Bleecker P. Seaman, co-CEO of Lowe Enterprises Investors.
Approximately 10 percent of the apartment units at Christina Mill have been recently renovated. LEI will advance the residential renovations and upgrade the remaining 171 units as well as the common areas including the clubhouse, fitness center, leasing office and business center.
The property offers a mix of one- and two-bedroom units with a washer/dryer in every unit. Additional property amenities include a swimming pool and sundeck, and lighted tennis court.
Christina Mill also offers an off-leash dog park, shared community garden and bike share program.
Christina Mill is one mile from the University’s new Science, Technology and Research Campus which upon completion coud provide 1,500 new jobs for engineers and other professionals.
The community is within walking distance of an Acme store and the Suburban Plaza shopping center.
John Gaghan led the LEI acquisition team.
Erin Miller of JLL represented the seller, Korman Residential. Berkadia secured financing on the property. LEI has retained Greystar as property manager for Christina Mill.
Lowe Enterprises Investors is an active investment manager in greater Philadelphia with approximately $300 million of assets currently managed in the area, including the 229-unit Granary apartment complex in Philadelphia City Center.
