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.
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