Evergreen Apartment Group Inc. has acquired River Commons Apartments, a 116-unit apartment community located near the Wilmington train station.
Evergreen Apartment Group arranged the sale directly with Andrew Townsend of Marcus and Millichap. Financing for the purchase of River Commons was provided by Fannie Mae. Key Bank serviced the loan and AMA Financial was the mortgage broker. Subordinate debt for the deal was provided by the Delaware State Housing Authority (DSHA).
Sales price and the seller were not announced
Kevin M. Wolfgang, CEO of Evergreen Apartment Group said, “As our first apartment community in the downtown district of Wilmington, River Commons is an exciting acquisition for our organization. The community is also our first LIHTC community which allows us to provide apartments to a portion of the population we were previously unable to serve. Lastly, as a LIHTC (low-income tax housing credit) approved management company, we have added another strategic growth avenue for our company.”
Re-built in 2004, River Commons has two and three-bedroom apartment homes with private entrances, large porches/balconies, walk-in closets, individually controlled central air/heat, and washer/dryers. In addition, the community features a large community clubhouse.
Gregory D. Wolfgang, chairman and CFO of Evergreen Apartment Group said, “River Commons has an excellent location, adjacent to the Wilmington Riverfront, less than two blocks from the Wilmington Amtrak Train Station, and in the shadow of the banking and judicial districts. With the close proximity to major roadways, public transportation, and surrounding attractions, it is an ideal affordable housing apartment choice for renters that desire a downtown work/live/play destination.”
Lauren J. Wolfgang, principal and general counsel of Evergreen Apartment Group said, “We are excited to begin our partnership with DSHA and to bring best-in-class property management services to LIHTC communities in Delaware. River Commons will be strengthened from Evergreen’s intensive management approach, which includes focused customer service, property management best practices, and leveraging the Evergreen brand. This purchase continues our commitment to deliver an outstanding rental home at an exceptional price point, offering the absolute best apartment value in the marketplace.”