Wednesday, December 4, 2019

CAPREIT Adds Suburban Philadelphia Apartment Complex to Growing Portfolio

CAPREIT has purchased the 220-unit Vinings at Christiana apartment complex in Newark, Delaware, from Denver-based Alden Torch Financial for $24.7 million, or about $112,000 per unit.

The garden-style complex at 200 Vinings Way includes a mix of one-, two- and three-bedroom units ranging from 717 to 1,097 square feet in 10, three-story buildings. Completed in 2001, the property spans 15.4 acres less than four miles from University of Delaware.

Amenities at the complex include a business center, clubhouse, fitness center, laundry facilities and storage space.

Headquartered in North Bethesda, Maryland, CAPREIT has closed approximately $5 billion in real estate transactions to date, according to its website.

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