Thursday, July 20, 2017

Concordia Properties Acquires Spring Crossings Apts

Concordia Properties purchased the 358-unit Spring Crossings apartments at 41 Winterhaven Dr. in Newark, DE this summer for $35.5 million, or about $99,000 per unit, from Metropolitan Management Group.

Formerly the Autumn Park Apartments, the 370,620-square-foot multifamily community is comprised of studios, one-, two- and three-bedroom units across 27 buildings on a 16.9-acre site in New Castle County. At the time of sale the asset was 93 percent occupied and offers a 24-hour fitness center, an outdoor swimming pool and walking/biking trails.

The buyer financed the acquisition with a new $26.6 million, Fannie Mae loan.

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