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.
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.