|
|
| 2024 Delaware Multifamily Sale Comps |  |
|
|
|
| |
|
$112,683
|
|
Avg. Price per Unit
|
|
| |
|
|
|
|
|---|
|
|
2024 Multifamily Market Recap and 2025 Outlook |
Uncertainty defined 2024. The ongoing property reassessment created challenges for buyers, sellers, and lenders in accurately valuing the financial impact on commercial real estate investments. Despite these headwinds, four transactions successfully closed. Cap rates ranged between 5% and 7%, with financing terms varying across deals.
Looking ahead, 2025 appears more promising for multifamily investors. Currently, six properties are under contract, and several more are expected to hit the market in the Q1 and Q2 of 2025.
Stay tuned for updates as the market unfolds. | |
| Criteria |
The following sales data focuses on market-rate, arm’s-length transactions of multifamily properties with 25 units or more. |
|
|
|
|
 | |
| CoStar 2024 Multifamily Sale Comp Report |
Click the link below to view the CoStar 2024 Delaware Multifamily Sale Comp Report. The search is filtered by properties greater than 25 units, market rate, and arm's length transactions. The accompanying commentary in the text below provides additional insight on each sale comp beyond just the price metrics.
2024 Delaware Multifamily Sale Comps - CoStar.pdf |
|
|
| Riverview Place Apartments | Wilmington, DE |
Address: 6703 Governor Printz Blvd
COE: September 2024
Sale Price: $6,300,000
Units: 88
Price per Unit: $71,591
Year Built: 1973
Class: C
Type: Garden Style
Construction: Wood Frame
Lender Name: Fannie Mae
Term: 60 Months
Loan Amount: $7.6M
Sale Note:
Part of the property is subject to a HAP contract with HUD. Buyer renewed the HAP contract and will continue providing much needed affordable housing in the area. Property was purchased prior to a full marketing process.
Riverview Place - RCA.pdf
|
| Greenwood Pointe Apartments | Greenwood, DE |
Address: 101 Seachase Ln Greenwood
COE: July 2024
Sale Price: $10,900,000
Units: 80
Price per Unit: $136,250
Year Built: 1999
Class: B
Type: Garden Style
Construction: Wood Frame
Lender Name: Fannie Mae
Term: 60 Months
Deal Appraisal: $11,227,000
Loan Amount: $8.4M
Interest Rate: 6.0% Fixed
Debt Yield: 7.9%
Total Reserves: $22,000
LTV: 75%
DSCR: 1.17x
Amortization Type: Partial Interest Only
Sale Note:
M&T Realty Capital Corporation provided the buyer with an $8,385,000 loan towards the purchase.
Rebranded as Greenwood Pointe Apartments, the community spreads across 10 buildings on 9.21-acres in the Sussex County multifamily submarket. It was approximately 99% leased at the time of closing. The unit mix for the property is as follows:
40-three bedroom
40-two bedroom
Seachase at Greenwood - RCA.pdf
|
| Parson Thorne Apartments | Milford, DE |
Address: 505 N Front St
COE: June 2024
Sale Price: $13,200,000
Units: 100
Price per Unit: $132,000
Year Built: 1972
Class: C
Type: Garden Style
Construction: Wood Frame
Lender Name: Seller Financed
Term: 48 Months
Loan Amount: $9.0M
Sale Note:
The 2-story garden style, Parson Thorne Apartments, delivered in 1972 on 7.40 acres of land zoned R-3. The community features a mix of one- and two-bedroom rentals ranging in size from 840 square feet to 1,134 square feet. The community was reported to be 97% leased with an average in place rental rate of $950/per month at the time of the sale.
The sale transaction was financed by the seller. The seller, the original developer of the apartment community, was motivated to divest the community due to an upcoming loan maturation. The buyer was attracted to the community as a value-add opportunity.
Parson Thorne Apartments - RCA.pdf
|
| Garden Club Apartments | Wilmington, DE |
|
|
|
|
|
Unsubscribe
You may also unsubscribe by calling toll-free +1 877 CBRE 330 (+1 877 227 3330). Please consider the environment before printing this email. CBRE respects your privacy. A copy of our Privacy Policy is available online. For California Residents, our California Privacy Notice is available here. If you have questions or concerns about our compliance with this policy, please email PrivacyAdministrator@cbre.com or write to Attn: Marketing Department, Privacy Administrator, CBRE, 200 Park Ave. 19-22 Floors, New York, NY 10166. CBRE, Inc. Address: Two Liberty Place, 50 S. 16th Street, Suite 3000 Suite 700, Philadelphia PA 19102 Licensed Real Estate Broker CBRE, Inc. is a commercial real estate services firm.
THIS IS A MARKETING COMMUNICATION © 2025 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable but has not been verified for accuracy or completeness. CBRE, Inc. makes no guarantee, representation or warranty and accepts no responsibility or liability as to the accuracy, completeness, or reliability of the information contained herein. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.
|
|
|
