Tuesday, February 21, 2012

Water View Court Apartments in Claymont, DE Sells for $6.4M

"Water View Court Apartments, a 120-unit apartment property in Claymont, DE, has sold for $6.4 million, or $53,333 per unit.

Water View Court was sold to the student housing REIT as part of a 2008 portfolio acquisition of 704 units in Newark, DE near the University of Delaware campus.

Since the portfolio acquisition in 2008, the REIT renovated and rebranded the Newark properties as Studio Green Apartments, adding a clubhouse with a pool, lounge and indoor basketball court. Studio Green Apartments are owned and managed by CLV, or Campus Living Villages.

Water View Court Apartments is located at 361 Harbor Drive in Claymont, providing visibility from I-495. The property consists of 24 one bedroom and 96 two bedroom units. At the time of the sale the property was in fair physical condition. However, during the marketing process, economic occupancy had slipped to the low 80 percent range. The buyer intends to stabilize the asset by making physical improvements and implementing a more hands-on management approach."

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