Sussex apartments sold for $1.13 million

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Joey Gilkerson, advisor with Sperry Van Ness – Miller Commercial Real Estate announced, the sale of Autumn Apartments on Cemetery Road in Selbyville, Del. Bradley Gillis, and Tom Knopp also of Sperry Van Ness-Miller served as co-brokers.

The majority of the tenants at the 28-unit apartment complex are employed at the local Mountaire Farms plant. The seller of the apartment complex is retiring to the Caribbean and the complex was purchased by an investment firm from New Jersey.

Gilkerson represented both the buyer and seller. The final sale price was $1.13 million.

Gilkerson stated, “This is a perfect example of national reach with local expertise. The purchaser was reached through a national marketing campaign and depended on local market knowledge to determine the stability of the employee base at Mountaire.”

The purchaser plans to continue to pursue and focus on purchasing other multifamily properties.