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MARKET NEWSLETTER | 12/9/2024
Delaware Multifamily FOCUS
CBRE
CBRE Delaware Deal Flow
Roxana Apartments - Calling for Offers 1/14/25
 
A premier multifamily development opportunity in the burgeoning Ocean View neighborhood of Sussex County, just 5 miles from the Bethany Beach shoreline. Totaling over 15 acres of land, this two-phase project has received approvals for a 167-unit multifamily development. The site is immediately proximate to Hocker’s Super Center Grocery Store, Bear Trap Dune’s Golf Course, and, of course, the highly amenitized Bethany Beach area.
Development in this submarket is exploding, including various retail and restaurant development sites adjacent to the property, which will undoubtedly fuel long-term rent growth.
 
  • 167-unit multifamily development opportunity 5 miles from the Bethany Beach shoreline
  • 15+ acres of developable land with approvals in place
  • Phase 1 (125 units) has received Final Site Plan approval through Sussex County
  • Phase 2 (42 units) is awaiting Conditional Use approval through Sussex County
  • Site abuts Hocker’s Super Center Grocery Store
  • Directly accessible from Route 26 (Atlantic Avenue)
On Market - Roxana Apartments 
167 Units    
Approved/Pending
Two Phases
Adjacent Parcels   
15.25 Acres
17% Population Growth
Expected by 2040
Prime Location
5mi from Bethany Beach
Property Reassessment Updates Across Delaware Counties

Preliminary Assessments: New Castle and Sussex Counties

Key Findings: The updated property assessments show significant increases compared to last year, as anticipated.

Market Feedback: While the percentage changes are substantial, many clients report that the new assessments align with current market values.

Our Advisory:
Even if your assessment feels accurate, market conditions have shifted significantly. Consulting with a Real Estate Professional is recommended.

Key factors:

  • Few Sale Comparables: Almost no property sales in the past year make it challenging to validate assessments.
  • Shifting Capital Markets: Dramatic changes in financing and investor activity have lowered market values since the last major transactions.
  • Recommendation: Schedule a consultation with a professional to get an accurate opinion of value tailored to today’s market conditions.
Formal Assessment Appeal Results (Kent Co)

For those interested in a Formal Appeal with the County, we’ve included some formal appeal results from Kent County to help property owners understand the potential outcomes of challenging their assessments.
Property #  Units Value Appealed Value Requested Revised Value Revised Value per Unit % Change Notes
Clearfield Apartments 95 $5,024,900 $1,307,450 $4,906,400 $51,646 -2.42% Expense ratio was amended
GM Country Club LLC 228 $24,568,500 $14,500,000 $21,902,800 $96,065 -12.17% Expense ratio was amended.
GM Governors Place LLC 120 $13,163,700 $9,230,000 $11,165,200 $93,043 -17.90% Expense ratio was amended.
Milford Housing exits Dutchman’s Harvest
Milford Housing Development Corporation has pulled its commitment to the Dutchman’s Harvest workforce housing community currently under construction in Lewes.
DSHA concludes Home Sweet Home for the Holidays program
The program helped close to 40 Delaware families buy new homes ahead of the holidays and loaned $10 thousand for down payment and closing costs to each family. DSHA also allocated $75 million for 30-year fixed-rate mortgages.
For more information, please contact:
Nick
Murray
Senior Associate
+1 (301) 586-7010
nick.murray@cbre.com
CBRE | Capital Markets
Investment Sales | Multifamily Properties
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