Evergreen Apartment Group Inc., New Castle, has acquired Canby Park Apartments, a 255-unit community at 1600 Bonwood Road, west of Wilmington.
The community has been rebranded as Evergreen Apartments at Riverfront Heights.
The sale was arranged directly by family-owned Evergreen with the owner. Financing for the purchase was provided by Fannie Mae. Key Bank serviced the loan and AMA Financial was the mortgage broker. Name of the owner and sale price were not disclosed.
Kevin M. Wolfgang, CEO, said, “We have exciting plans to reposition Riverfront Heights while still delivering exceptional apartment rental value. Our acquisition of Riverfront Heights continues a strategy of acquiring value-add properties autonomously with a buy and hold philosophy.”
Originally built in 1968 interior and exterior renovations and improvements will be done at Riverfront Heights. The apartment floorplans offer residents features such as washers and dryers, individually controlled central HVAC, modern kitchens with ceramic tile floors, walk-in closets, private entrances, and balconies.
Residents of Riverfront Heights have an amenities package including a full-service leasing and community center, lifestyle, a fitness center that includes an indoor swimming pool and “health club quality” fitness equipment.
Gregory D. Wolfgang, Chairman and CFO, said, “Riverfront Heights is superbly located, just minutes from the Wilmington riverfront attractions, the downtown business district, and the Wilmington train station. At Riverfront Heights, renters now have a fantastic Wilmington riverfront rental option at affordable rental rates that delivers unprecedented rental value.”
Lauren J. Wolfgang Esq., Principal and General Counsel of Evergreen Apartment Group, said, “Riverfront Heights will be bolstered by Evergreen’s commitment to providing our residents with a 5-Star rental experience. Our communities are staffed by experienced property management professionals that are dedicated to providing residents with the quality of life that matches their lifestyle.”
Evergreen and other companies have been acquiring older apartment communities in northern Delaware and upgrading units. Older apartments often come with more square footage and with upgrades can attract tenants.
Apartment communities are also easier to fill up, even with higher rental rates, as fewer people opt to buy homes in an environment where mortgages are harder to obtain, especially for younger people who can only make small down payments.
