Greysteel sells 220-unit affordable housing property in Newark, DE for $24.7 million
NEWARK, DE — Greysteel, a national commercial real estate investment services firm, has arranged the sale of The Vinings at Christiana, a 220-unit Multifamily property, located in Newark, DE. Greysteel president, Ari Firoozabadi and director, Henry Mathies from the firm’s Washington, D.C. office sold the property on behalf of the seller, Alden Torch Financial, and solely procured the buyer, CAPREIT. The property sold for $24.7M. The Vinings at Christiana is a 220-unit mixed market/affordable housing community, placed-in-service in 2001 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. 125 of the units are reserved for tenants who earn 60% or less of the Area Median Income (AMI) while 95 of the units are reserved for tenants of all income levels. The Property also receives rental subsidies (117 units at present) from the Newark Housing Authority, which in some instances, allow certain units to exceed Section 42 rent restrictions.