NEW CASTLE, Del.--(BUSINESS WIRE)--Evergreen Apartment Group Inc. has acquired Canby Park Apartments, a 255-unit apartment community located at 1600 Bonwood Road, Wilmington, Delaware and has rebranded the community as Evergreen Apartments at Riverfront Heights (“Riverfront Heights”). The sale was arranged directly with the owner. Financing for the purchase was provided by Fannie Mae. Key Bank serviced the loan and AMA Financial was the mortgage broker.
Kevin M. Wolfgang, President and CEO, said, “We have exciting plans to reposition Riverfront Heights while still delivering exceptional apartment rental value. Our acquisition of Riverfront Heights continues a strategy of acquiring value-add properties autonomously with a buy and hold philosophy.”
Originally built in 1968, significant interior and exterior renovations and improvements will be executed at Riverfront Heights. The spacious apartment floorplans offer residents desirable in-unit features such as washers and dryers, individually controlled central HVAC, modern kitchens with ceramic tile floors, walk-in closets, private entrances, and balconies. Residents of Riverfront Heights will enjoy a comprehensive amenities package including a full-service leasing and community center, state-of-the-art lifestyle and fitness center which includes an indoor swimming pool and health club quality fitness equipment, and resident lounge.
Gregory D. Wolfgang, Chairman and CFO, added, “Riverfront Heights is superbly located, just minutes from the Wilmington riverfront attractions, the downtown business district, and the Wilmington train station. At Riverfront Heights, renters now have a fantastic Wilmington riverfront rental option at affordable rental rates that delivers unprecedented rental value.”
Lauren J. Wolfgang Esq., Principal and General Counsel of Evergreen Apartment Group, said, “Riverfront Heights will be bolstered by Evergreen’s commitment to providing our residents with a 5-Star rental experience. Our communities are staffed by experienced property management professionals that are dedicated to providing residents with the quality of life that matches their lifestyle.”
About Evergreen Apartment Group – Evergreen Apartment Group consists of a growing portfolio of apartment communities in Delaware and Maryland. All properties have been acquired autonomously by the members of the Wolfgang Family, who have successfully owned and managed apartment complexes since 1978. The current principals are Kevin M. Wolfgang, President and Chief Executive Officer, Gregory D. Wolfgang, Chief Financial Officer and Chairman of the Board, and Lauren J. Wolfgang, Esq., General Counsel.