Scarborough Park Apartments, a large multifamily community in Wilmington, Del., has to an out-of-state buyer for $11.2 million, or $71,795 per unit.

Pennsylvania-based Trinity Capital of Blue Bell purchased the 156-unit property from Frank Acierno in an attempt to “build its portfolio in the Delaware market,” according to a press statement.

Located at 131 Scarborough Park Drive, the 129,626-square-foot community is situated on an approximately 8.9-acre lot.

During the marketing process, the seller submetered all utilities, renovated almost 40 of the vacant units and increased occupancy to approximately 90 percent, according to the statement. Improvements included new kitchen floors, cabinets, appliances, bathroom vanities, carpeting and paint. More than half of the tenants are currently on new leases and paying all utilities.

Trinity Capital plans more unit renovations and an exterior renovation.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription