WILMINGTON, Del.--(BUSINESS WIRE)--Evergreen Apartment Group Inc. has acquired River Commons Apartments, a 116-unit Extended Phase LIHTC apartment community located in Wilmington, Delaware. 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. Key Bank 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 M. 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.”
Completely re-built in 2004, River Commons is seamlessly integrated into the downtown district of Wilmington while maintaining the character of a private community. The spacious 2- and 3-Bedroom apartment homes offer residents private entrances, large porches/balconies, walk-in closets, individually controlled central air/heat, and washer/dryers. In addition, the community features a large community club house.
Gregory D. Wolfgang, Chairman and CFO of Evergreen Apartment Group said, “River Commons has an excellent location, adjacent to the Wilmington Riverfront, less than 2 blocks from the Wilmington Amtrak Train Station, and in the shadow of the banking and judicial districts. With the close proximity to major roadways, public transportation, and surrounding attractions, it is an ideal affordable housing apartment choice for renters that desire a downtown work/live/play destination.”
Lauren J. Wolfgang Esq., Principal and General Counsel of Evergreen Apartment Group added, “We are excited to begin our partnership with DSHA and to bring best-in-class property management services to LIHTC communities in Delaware. River Commons will be strengthened from Evergreen’s intensive management approach, which includes focused customer service, property management best practices, and leveraging the Evergreen brand. This purchase continues our commitment to deliver an outstanding rental home at an exceptional price point, offering the absolute best apartment value in the marketplace.”