Cushman & Wakefield Arranges Sale of Delaware Apartment Community

The 264-unit Pike Creek Complex received strong interest from investors. End Quote

Wilmington-Newark, DE-MD (1888PressRelease) October 10, 2012 - Commercial real estate services firm Cushman & Wakefield, Inc. has completed the sale of The Apartments at Pike Creek, a 264-unit luxury garden-style complex on 19 acres in Newark, Del. Karen Iman, Brian Whitmer, Andrew Merin, and Anthony Liberto of the firm's Capital Markets Group represented the seller, Henderson Global, and procured the buyer, a fund managed by Sentinel Real Estate Corporation.

"This offering provided a rare opportunity to acquire an institutional-grade apartment community in the affluent Pike Creek area of Delaware," said Iman. "Approximately 70 percent of the market's inventory was built before 1979-Pike Creek was completed in 1988. A testament to the scarcity of newer luxury rental product is the fact that Pike Creek was near full occupancy at the time of sale. The buyer recognized the historical stability of cash flow with an ability to improve yield through upgrading unit finishes."

Pike Creek's 11 three- and four-story buildings combined offer 154 one-bedroom and 110 two-bedroom luxury units. Amenities include a swimming pool, tennis court, fitness center with sauna, a wifi-enabled clubhouse, and a car care center. The community is located near I-95, 10 minutes from Wilmington, Del., 40 miles south of Philadelphia and 60 miles north of Baltimore.

"The Greater Philadelphia area has seen an increasingly significant number of opportunities come to market, more so than we've seen in several years," said Whitmer. "But we don't see many premier assets trade in northern Delaware, which explains the strong response and high five capitalization rate pricing we received for this offering."

Cushman & Wakefield's Philadelphia and New York Metropolitan Area Capital Markets Groups specialize exclusively in investment sales of multifamily, office, industrial, and retail properties throughout Pennsylvania, Delaware, New Jersey, New York, and Fairfield County, Conn. The team is currently marketing or has under contract over 2,400 units in existing communities in these markets and has completed more than $16 billion worth of transactions since 2000.

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