New Jersey firm buys Edgemoor apartment for nearly $70 million – DBT
Jacob Owens August 26, 2022
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Wilmington – The New Jersey real estate investment firm recently became the latest out-of-state investor to break the $100 million mark after acquiring over 700 apartments in the Edgemoor area.
capital managementInc., which owns and operates multifamily homes primarily in New Jersey, recently acquired a combined Colony and Colony North apartment complex off East Lee Boulevard for $69.55 million, according to county land records.
Last year, Capital entered the Delaware market through an acquisition. Spring Crossings Apartment Complex Sold in Glasgow for $56 million. This is the largest multifamily sale in the state this year. The Lakewood, New Jersey-based firm stands out among other New Jersey-based investors who are acquiring more and more Delaware assets, including Oakmark Management, Montium and Goldcrest Properties. I try not to.
The Colony Apartments are divided into the original Colony and later Colony North communities.
A 51 year old former community located at 7 Colony Blvd. Acquired for $20.3 million from Colony Boulevard Partners, a limited liability company with ties to New York City. According to online listings, all the rooms are one-bedrooms and the monthly rent is his $1,025. The selling price for 430 units translates to over $47,000 in cost per unit.
Small 43-year-old Colony North community at 19 E. Lea Blvd. was acquired by Colony North LLC, which has ties to the local Paul family, for $49.25 million. Online listings currently feature a three-bedroom unit with a monthly rent of $1,695. 311 units sell for over $158,000 when converted to cost per unit.
The community also features an Olympic-sized pool, baby pool, exercise room, sundeck, tennis court, lounge with bar and kitchen.
Capital Management did not respond to requests for comment regarding the sale and its recent investment in Delaware.
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 higher mortgage rates are driving more people to continue renting.
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.