Elkton apartment complex sells for nearly $21.9 million

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Rittenhouse Realty Advisors announced the sale of The Apartments at Iron Ridge for a reported price of nearly $21.9 million.

Buyer and seller were not listed and the realty firm did not immediately respond to a request for that information.

The 156 unit community is located minutes from the Delaware/Maryland border in Elkton, MD.

The complex has one, two, and three-bedroom units as well as a fitness center, pool, playground and a tennis court.

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The Apartments at Iron Ridge are a short drive fromRoutes 40, 72, 273, 279 and Interstate-95, and are confident to the University of Delaware and Main Street in Newark.

Ken Wellar, the managing Partner at RRA, stated: “We are continuing to see private capital flow through the Mid-Atlantic multi-family markets. This particular buyer was motivated to acquire this property by the opportunity to grow rents by updating the kitchens and bathrooms in the units.”

Rents range from $1,000 to about $1,400 a month.

Mark Duszak, Director at RRA, added: “Multi-family investments along the I-95 Northeast Corridor between DC and Boston are in record demand. We are seeing a strong increase in interest in properties within a one-hour drive from Philadelphia.”

Rents are skyrocketing in Philadelphia. That has aided the regional apartment market and even brought a mini-boom to downtown Wilmington, an area within walking distance of SEPTA trains into Philadelphia.

Growth is also taking place in the Newark area, with the University of Delaware STAR Campus a focal point. SEPTA also has limited service to Newark. Work is underway on new train station on the STAR Campus.

Based in Philadelphia, Rittenhouse Realty Advisors is a real estate advisory firm with a focus in the brokerage of multi-family communities throughout the northeast region of the United States.

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