Autumn Park, a 358-unit multi-housing property situated in Newark, Delaware has been acquired by Concordia Properties in a $35.5 million deal. Located on a 16.87-acre site at 41 Winterhaven Dr, the property consists of 26 three and four story buildings. The property was 97 percent leased at the time of the sale and features an outdoor swimming pool, 24-hour fitness center and a playground. Holliday Fenoglio Fowler worked on behalf of the buyer to secure a $26.6 million floating-rate Fannie Mae acquisition loan. HFF also marketed the asset on behalf of the seller, Metropolitan Management Group.
“The market continues to respond well to value-add product throughout the region,” said directors Carl Fiebig, HFF. “We have been consistently securing in excess of 20 tours and more than 10 offers in the space. Other Mid-Atlantic markets are experiencing cap rate compression and uncertainty in legislation related to the apartment industry, which has created an increased demand for Delaware assets.”
