Philadelphia-based Concordia Properties has acquired a multifamily complex in Newark, Delaware, less than an hour from downtown Philly.
Autumn Park is a 358-apartment complex made up of 26 three- or four-story buildings, and Concordia purchased it for $35.5M from Metropolitan Management Group. HFF represented the sellers, and arranged a $26.6M acquisition loan from Fannie Mae. The property did not have existing debt.
Autumn Park is 97% leased but Concordia sees "sizable value-add opportunity in a high-growth, secondary market," according to HFF Senior Managing Director Mark Thomson.
With the downtown Philly multifamily market tightening considerably amid new deliveries at the highest end of the market, substantial interest has developed in value-add developments in suburban and secondary markets.
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