Rittenhouse Realty Advisors, Philadelphia, announced the sale of the Silver Springs Apartments near Wilmington. The 80 unit property located on Lancaster Pike.
The property was purchased by Berger Rental Communities based in Wayne, PA. Silver Springs Apartments is next door to the 320-unit Lancaster Court Apartments that RRA sold to Berger Rental Communities in August of 2014. Sale price was not immediately disclosed.
Lancaster Court was purchased from various owners of the complex.
“The buyer plans massive renovations at both properties. These upgrades will attract a solid tenant base from local employers, such as DuPont, AstraZeneca and others,” stated Corey Lonberger, managing partner at RRA.
The renovations will exceed more than $8 million at both properties. The buyer hopes that the upgrades will result in higher rents than what were being obtained by the previous owner. The renovations will include new kitchens, new bathrooms and extensive work to common areas and the grounds.
This is the fourth transaction for Rittenhouse in Delaware within the last 12 months. Rittenhouse Realty Advisors has sold more units than any local brokerage in the last 12 months.
“Delaware is an excellent market and we have seen a lot of investors from New York and Washington, D.C. show strong interest there which has driven values up,” stated Ken Wellar, a managing partner at RRA. To date, RRA’s Delaware sales total more than $35,000,000 in total consideration. “This is a market we have worked over the last 12 years of our careers and know well. Knowing the market and the players is key to maximizing values for our clients,” said Mark Duszak , director at RRA.
Rittenhouse Realty Advisors specializes in the sale of apartment communities.
