New Jersey company buys Claymont apartments for $38 million

New Jersey’s Olive Tree Management acquired Claymont’s Hillside Pointe Apartments for $38 million earlier this year. | | DBT photo by Jacob Owens

CLAYMONT – A New Jersey real estate investment firm recently acquired Claymont multifamily homes for $38 million, spurring a revival in the unincorporated Pennsylvania border area.

Olive tree managementis an owner and operator of multifamily homes in Delaware, Pennsylvania, and New Jersey. hillside pointe According to county land records, he sold an apartment off the Philadelphia Pike in February, but the act wasn’t recorded until late May.

Olive Tree already owned the multifamily communities of Chateau Orleans and Valley Run in the Wilmington area. Based in Lakewood, New Jersey, the firm has kept a low profile like other New Jersey-based investors who have acquired more and more Delaware assets such as Oakmark Management, Montium and Capital Management. increase.

The 37-year-old community at 2616 Philadelphia Pike was acquired from AION Partners, a Philadelphia-based property owner and operator. Online listings show all 1- to 4-bedroom units with monthly rents ranging from $1,380 to $1,650. 206 units sell for over $184,000 when converted to cost per unit.

The community also has a swimming pool, fitness center and a refurbished kitchen.

Olive Tree did not respond to a request for comment regarding the sale.

Interest in Claymont has grown as the region has been in economic stagnation for most of the 21st century since the closure of the former Evraz Ironworks. The steel mill is currently undergoing an ambitious mixed-use redevelopment to build warehouses, offices, retail and multi-family housing. The old Tri-State Mall will be demolished and redeveloped as a distribution center.

In last year’s state’s largest multifamily sale, a New York investment firm Buy Edge at Greentree Apartment At $51.5 million, it provides an example of the resources it brings to what is considered an up-and-coming affordable bedroom community in the greater Philadelphia metropolitan area.

Multifamily sales, especially in the Wilmington and Newark areas, remain one of the hottest asset classes for commercial real estate sales in Delaware. Sales have increased since the pandemic and may continue to do so. Homebuyer interest dwindles Rising house prices and rising mortgage rates have led more people to stay rented.

6 of them last year Top 10 Commercial Property Sales A Delaware Business Times study found that it was included in the multifamily property. Until his August of this year, the trend continued, with multi-family properties largely overtaking the largest sales if Amazon-linked warehouse sales weren’t in the top three. I guess.

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