Holliday Fenoglio Fowler, L.P., Philadelphia announced the sale of Brandywine Hundred Apartments, a 301-unit multi-housing property in the Brandywine Hundred neighborhood of northern Wilmington.
The HFF team marketed the property on behalf of the seller, a joint venture between CenterSquare Investment Management and Korman Residential Properties. A regional private buyer purchased the offering free and clear of debt. Financial terms and the identity of the buyer were not released.
The apartment market has been active in northern Delaware with numerous sales deals and new construction.
Brandywine Hundred Apartments is situated on 10.66 acres at 400 and 402 Foulk Road, less than one mile from major employers, including JPMorgan Chase & Co., AstraZeneca and Nemours/Alfred I. duPont Hospital for Children, as well as the Concord Pike retail area.
Brandywine Hundred features units averaging 946 square feet with community amenities such as a swimming pool with sundeck, tennis courts, state-of-the-art fitness center with flat screen TVs, resident lounge with Wi-Fi, business center and covered parking.
A unit renovation program was recently started with renovations to 49 of the 301 units completed to date. The upgrades have generated an average monthly premium of $155 per unit.
The HFF investment sales team representing the seller included senior managing directors Mark Thomson and Jose Cruz and directors Carl Fiebig and Francis Coyne along with Robert M. Stella of Financial & Consulting Services, Inc., a licensed Delaware real estate broker.
“Brandywine Hundred offered investors the opportunity to continue a proven value-add story in one of the best locations in the State of Delaware,” Thomson said. “Between AstraZeneca, JPMorgan and A.I DuPont, there are over 7,000 employees within a one-mile radius, many of which live at the property.”
Fiebig said, “We continue to have tremendous success in Delaware. During the past 12 months, our team has successfully marketed four properties totaling 1,176 units in the market. We’ve been fortunate to establish the price-per-unit high watermark with 1303 Delaware Avenue recently and now Brandywine Hundred.”
