A joint venture between CenterSquare Investment Management and Korman Residential Properties has closed on the disposition of the Brandywine Hundred Apartments. The buyer, a regional private buyer, purchased the 301 unit property free and clear of debt for an undisclosed price. The asset is located on a 10 acre site at 400 and 402 Foulk Road in the Brandywine Hundred neighborhood of northern Wilmington, Delaware. A unit renovation program was recently implemented with renovations to 49 of the 301 units completed to date which have generated an additional $155 per unit. Holliday Fenoglio Fowler represented the sellers during the sale. “Brandywine Hundred offered investors the opportunity to continue a proven value-add story in one of the best locations in the State of Delaware,” said senior managing director Mark Thomson, HFF. “Between AstraZeneca, JPMorgan and A.I DuPont, there are over 7,000 employees within a one-mile radius, many of which live at the property.”
