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Philadelphia Commercial Real Estate

Sold: The Villas of New Castle

Korman Residential has acquired The Villas, a 240-unit apartment community in New Castle, Del. The off-market deal is Korman’s second buy there lately, following its acquisition of Brandywine Hundred, says Rittenhouse Realty Advisor partner Ken Wellar. (The RRA led by Corey Lonberger repped the sellers, a local family, in the transaction). Ken says that the buyers like The Villas' value-add opportunity and will be investing $3.2M in upgrades. The deal marks $50M in Q1 deals for RRA, which is going into its second year of operations and will be starting Rittenhouse Capital Advisors to help clients find equity for deals. George Johnson, formerly of JPMorgan Chase, will helm the new venture.

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