US - Jacksonville, FL
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Chateau Orleans Apartments, a 168-unit, value-add multi-housing opportunity located in Wilmington, Delaware.
Compelling Value-Add Opportunity
Ownership has upgraded 97 units (58% of the unit mix) and has commanded an average rental premium of $100 or 8.0% above classic units. The most recent leases are achieving premiums of nearly $200, supporting the ability to increase rents upon renovation and renewal.
Strong Submarket Fundamentals
According to AxioMetrics, the Outer Wilmington submarket is expected to achieve 11.0% rent growth as of 2023 Q1 and remain above 7.0% on average for the year. The submarket’s supportive fundamentals paired with the opportunity to implement a streamlined unit renovation program will allow new ownership to further capitalize on significant rental premiums.
Dynamic Wilmington Location
Chateau Orleans is strategically situated between I-95 and I-495, and is proximate to major employers including AstraZeneca’s U.S. headquarters, Nemours Children’s Hospital, JP Morgan Chase, DuPont, Barclays, and Bank of America, among others.