WILMINGTON, DE — Evergreen Apartment Group Inc. has acquired River Commons Apartments, a 116-unit Extended Phase LIHTC apartment community located in Wilmington. Evergreen Apartment Group arranged the sale directly with Andrew Townsend of Marcus and Millichap. Financing for the purchase of River Commons was provided by Fannie Mae.KeyBank serviced the loan and AMA Financial was the mortgage broker. Subordinate debt for the deal was provided by the Delaware State Housing Authority (DSHA).
Kevin Wolfgang, president and CEO of Evergreen Apartment Group said, “As our first apartment community in the downtown district of Wilmington, DE, River Commons is an exciting acquisition for our organization. The community is also our first LIHTC community which allows us to provide apartments to a portion of the population we were previously unable to serve. Lastly, as a LIHTC approved management company, we have added another strategic growth avenue for our company.”