NEWARK, DE — Evergreen Apartment Group Inc. of New Castle, Del. recently arranged the sale of Village of Windhover Apartments, a 384-unit community located in Newark, for $25 million.
Fannie Mae provided financing for the property, owned by Village of Windhover LLC. Key Bank serviced the loan and AMA Financial was the mortgage broker.
The community will be rebranded as Evergreen Apartments at Christiana Reserve. The property features 32 complete concrete building structures and is built on 21 acres with 395,000 s/f of rentable space. The property consists of a mix of one-, two-, and three-bedroom apartments, with rents for one-bedroom units starting at $799 and for two-bedroom units starting at $949. The community has a current occupancy of 90%.
The community is located off Rte. 1, half way between Philadelphia and Baltimore. Christiana Reserve is built over an infill area near numerous retail and office destinations.
Evergreen Apartment Group plans to initiate an extensive renovation project that will include a lifestyle and fitness center, community clubhouse, and a variety of exterior building and site improvements. The renovations will also include interior unit remodeling including replacements of kitchens and bathrooms. Del-Star Construction, a subsidiary of Evergreen Apartment Group, will execute a majority of renovations.