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|Number of units||240|
JLL is pleased to present the opportunity to acquire The Villas, a 240-unit, value-add, multi-housing offering located in New Castle, Delaware. Built in 1972, The Villas is currently 98% occupied, 100% leased, and provides significant rental upside through a proven renovation program.
Compelling Value-Add Opportunity
- Current ownership has upgraded 88 units (37%) to varying levels of renovation, achieving rental premiums of more than $200 over the classic units. An investor is presented the opportunity to further enhance the previously upgraded units and substantially renovate the remaining classic units while implementing an in-unit washer/dryer program that will complement future renovations and garner additional rental premiums.
Resilient Market Fundamentals
- The New Castle County multi-housing market has proven resilient amidst the implications of COVID-19, with occupancies remaining near 94.4%, well above Philadelphia’s metro-wide average of 90.2%. Specifically, Class-B, garden-style assets with 100+ units, have remained above 96% occupied, signifying the success of workforce housing through the pandemic. In addition to tight vacancy, the submarket’s asking rents have increased 4.3% year-over-year as of 1Q2021, outperforming the submarket's previous year-over-year average rent growth of 2.7%.
Dynamic New Castle Location
- The Villas is ideally located on Christiana Road, immediately off the heavily traveled Route 1 and I-95, affording residents proximity to a variety of attractions and employment centers throughout the Wilmington, Philadelphia, and Baltimore regions. Furthermore, the Property is adjacent to Lewden Green Park and sits just two miles from the 1.26 million SF Christiana Mall, and is within a five-mile radius of more than 110,000 employment opportunities across 7,200 businesses. This highly coveted location appeals to a renter demographic attracted to the serene landscape surrounding the property and its unrivaled accessibility throughout the region.